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DEAR RETIRED: Whether or not you are required to file a federal income tax return this year will depend on how much you earned last year (in 2023), as well as the source of the income, your age ...
There may be no federal income tax payable for senior citizens with total earnings less than $25,000 per year. Between $25,000 and $34,000, there are also significant reductions in federal income tax.
800-290-4726 more ways to reach us. Sign in. Mail. 24/7 Help. ... 7 Things Retirees Need To Know About Filing Income Tax Returns. Jennifer Taylor. April 3, 2024 at 7:01 AM. shapecharge / Getty Images.
Specifically, the bill “directs the Internal Revenue Service (IRS) to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of under-served populations.”
The standard deduction amounts for 2023 are $27,700 if you’re married filing jointly (an increase of $1,800 from 2022), $20,800 for heads of households (a $1,400 gain) and $13,850 for single ...
Basically, if you’re 65 or older, you have to file a tax return in 2022 if your gross income is $14,700 or higher. If you’re married filing jointly and both 65 or older, that amount is $28,700.
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