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Concerned that my mother (94) and father (deceased) have not file income taxes for 15 years. Mom now pulls about $60K from 2 pensions (L&I and work) and SSI. Should I be?
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Concerned that my mother (94) and father (deceased) have not file income taxes for 15 years. Mom now pulls about $60K from 2 pensions (L&I and work) and SSI. Should I be?
Yes, you should be concerned. Your mom is receiving Social Security and other retirement income? Is she having any tax withheld from any of that income? Did your parents incorrectly believe they did not have to pay income tax after a certain age? Take a look at the SSA1099 from Social Security and the 1099R's for the pensions. Is tax being withheld?
Up to 85% of your Social Security benefits can be taxable on your federal tax return. There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.
You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.
Try this for your mom's situation:
DO I NEED TO FILE A TAX RETURN?
https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return
Who has to file?
http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F
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Concerned that my mother (94) and father (deceased) have not file income taxes for 15 years. Mom now pulls about $60K from 2 pensions (L&I and work) and SSI. Should I be?
Yes, you should be concerned. Your mom is receiving Social Security and other retirement income? Is she having any tax withheld from any of that income? Did your parents incorrectly believe they did not have to pay income tax after a certain age? Take a look at the SSA1099 from Social Security and the 1099R's for the pensions. Is tax being withheld?
Up to 85% of your Social Security benefits can be taxable on your federal tax return. There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.
You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.
Try this for your mom's situation:
DO I NEED TO FILE A TAX RETURN?
https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return
Who has to file?
http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F
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