is there an age where taxes go away . i herd that at 72 i would not be taxed anymore by the irs .that i dont have to file . cant seem to find anything on age .thank you .mark
Lawsuit / Dispute Attorney
How much income you make annually determines if you need to pay federal and state income tax anymore. Since you do not work you are not earning taxable salary. You may or may not have investments that generate taxable income. Call your local IRS office in Florida to see for sure.
Good luck to you.
I am not licensed in Florida. You need a Florida lawyer should you need representation and I am in Chicago.
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Estate Planning Attorney
Whether or not you are obligated to file a tax return, and pay taxes all depends on your income level and filing status for the tax year in question. Generally, it is a good idea, whether you owe taxes or not, to file your tax returns each year. How else will you know for sure that you need not file, if you do not sit down and do the computation? You can confirm the filing statuses and income amounts by going to the IRS' website at www.irs.gov.
Family Law Attorney
People are not exempted from filing income tax returns or paying income taxes just because they are above a certain age. Persons over 100 would still have to file and pay income taxes if they have the income for which taxes need to be paid.
Older people get to claim a little bit more in exempted income. Moreover, for many older people, most of their income may be Social Security benefits which may be untaxed if their other incomes are below a certain level.
You can review Publication 17 for overviews of when persons must file and whether they likely would owe income taxes. The publication is free from the government at www.irs.gov .