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Annie528
New Member

If I am retired and paid no taxes and I owe nothing, is there any reason to claim any deductions, charities, mortgage interest, etc.?

The only income other than social security are the RMD's I needed to take and a small amount of interest.

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1 Best answer

Accepted Solutions
MichaelDC
New Member

If I am retired and paid no taxes and I owe nothing, is there any reason to claim any deductions, charities, mortgage interest, etc.?

Probably not. It depends on the size of the RMDs. Also, you may want to file to get a refund if there's any withholding from your 1099-Rs. Please feel free to post any additional details or questions in the comment section. 

If you are unmarried and at least 65 years of age, then you must file an income tax return if your gross income is $11,850 or more. However, if you live on Social Security benefits, you don't include this in gross income. If this is the only income you receive, then your gross income equals zero, and you don't have to file a federal income tax return. But if you do earn other income that is not tax-exempt, then each year you must determine whether the total exceeds $11,950.

If you are married and file a joint return with a spouse who is also 65 or older, you must file a return if your combined gross income is $23,300 or more. If your spouse is under 65 years old, then the threshold amount decreases to $22,050. Keep in mind that these income thresholds only apply to the 2017 tax year, and generally increase slightly each year.

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4 Replies

If I am retired and paid no taxes and I owe nothing, is there any reason to claim any deductions, charities, mortgage interest, etc.?

Will it help on your state return?
Annie528
New Member

If I am retired and paid no taxes and I owe nothing, is there any reason to claim any deductions, charities, mortgage interest, etc.?

I owe nothing to the state either. Thanks.
MichaelDC
New Member

If I am retired and paid no taxes and I owe nothing, is there any reason to claim any deductions, charities, mortgage interest, etc.?

Great! Good luck!
MichaelDC
New Member

If I am retired and paid no taxes and I owe nothing, is there any reason to claim any deductions, charities, mortgage interest, etc.?

Probably not. It depends on the size of the RMDs. Also, you may want to file to get a refund if there's any withholding from your 1099-Rs. Please feel free to post any additional details or questions in the comment section. 

If you are unmarried and at least 65 years of age, then you must file an income tax return if your gross income is $11,850 or more. However, if you live on Social Security benefits, you don't include this in gross income. If this is the only income you receive, then your gross income equals zero, and you don't have to file a federal income tax return. But if you do earn other income that is not tax-exempt, then each year you must determine whether the total exceeds $11,950.

If you are married and file a joint return with a spouse who is also 65 or older, you must file a return if your combined gross income is $23,300 or more. If your spouse is under 65 years old, then the threshold amount decreases to $22,050. Keep in mind that these income thresholds only apply to the 2017 tax year, and generally increase slightly each year.

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