@fcizmar001 wrote:
My three questions:
1) If I do not get a job in 2021, will I still need to file an income tax return?
2) If yes to the above, is 20% sufficient to cover Federal withholding?
3) Instead of looking for work which has not been successful to date, should I just retire?
#1) That depends on your total income fore the year.
If you are a U.S. citizen or resident, whether you must file a return depends on three factors.
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Your gross income.
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Your filing status.
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Your age.
See IRS Pub 17
#2) Again, that depends on your total taxable income and the tax bracket you will fall into if you must file.
#1 & 2 for state both requirements may be different.
#3 - That is a personal decision.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
