OneEyedDiva
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- New Jersey
I got started with my federal return yesterday and filled in all the information I could. Have to wait until the 13th for one of my Schwab 1099s and the IRS update that's coming soon.
Standard Deduction: $13,500 for 65 and older, if my sources are correct. $12,200 plus $1300 for 65+.If your income does not come up to the standard deduction ($12000 for single), you need not file. I would assume you know what your gain/loss of sale of stocks was.
However, the 'warning' is that if you don't file, you are more open to someone filing in your name and not knowing it, meaning opening yourself up to potential fraud.
BTW, I posted kind of tongue-in-cheek and failed to mention that wife is an AARP tax aide (and the warning about filing regardless of low income is given to all clients). She was also an accountant in a former life.
You are correct. More small changes coming for 2020.Standard Deduction: $13,500 for 65 and older, if my sources are correct. $12,200 plus $1300 for 65+.
Just finished e-filing. The standard deduction for over 65 is $13,600.You are correct. More small changes coming for 2020.
Just finished e-filing. I'm over 65 and my standard deduction came to $13,850.Standard Deduction: $13,500 for 65 and older, if my sources are correct. $12,200 plus $1300 for 65+.
Lots of misinformation out there. It is, in fact, $13,850, on the IRS site. Other tax sites have the wrong figures. Be careful.Just finished e-filing. I'm over 65 and my standard deduction came to $13,850.
I agree with Aunt Bea about reasons to continue filing. Of course you will have to report your stock sales because the IRS will already have a record of them from your brokerage. Not filing may send up a red flag. Another reason to file: I know I don't have to pay state income tax because so much of my pension is excluded, as is my social security. But this year, I got a surprise...I'll get back $50 as a homeowners credit from the state. Unlike last year when I had a capital loss and got back $21 from the feds, this year I'll have to pay $125.My tax guy told me I don't have to file, because I never make enough to go over my income limit. He also said the IRS seldom goes after seniors. I am very nervous about not filing and will still file for 2019 because I sold a lot of stocks. Next year we'll see. Opinions?
Aunt Bea, I haven't filed the last seven years. This year will make eight. Since I retired in 2007 I was only filing to get back what I'd paid in so I stopped having taxes withheld, Just keep the records you would use to file your taxes and you are covered for everything.IMO it's a good idea to continue filing so that you have documented evidence of income in the event that you ever need to apply for some form of financial assistance like a reduction of property taxes, government-funded home improvement grants, home energy allowance, subsidized apartments, Medicaid, etc...
I'm so glad Deb...a 359 degree turn from your nightmarish tax filing situation last year.All done and e-filed by a local CPA.
It was two years ago I had the nightmare (but thanks for remembering). The CPA I had been using for years just sat on my return for some reason and I know he had done it because when I followed up with him, he told me the refund amount I'd be getting. Finally in November I called him and told him I needed it on file for my STAR tax exemption. Then he said "You should have said something sooner."I'm so glad Deb...a 359 degree turn from your nightmarish tax filing situation last year.