Ask Terry Questions Filing taxes

Filing taxes

By Terry Savage on January 04, 2024 | Taxes & Economy

Listen to you every Wednesday. My wife is 75 I’m 71 , do we still have to file taxes . We’re both on social security

Terry Says

This answer straight from TurboTax:
For tax year 2023, seniors filing as single or married filing separately will usually need to file a return if :

You are at least 65 years of age, and
Your gross income for tax is $15,700 or more
However, if your only income is from Social Security benefits and the amount that you receive is less than $50,000 per year, you don’t typically include these benefits in your gross income. In this case, if this is the only income you receive, then your gross income for taxes equals zero, and you usually don’t need to file a federal income tax return.

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