Tax Filing Tips for Active Adults

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Mid-March heralds the first day of Spring, May is a “merry, merry month,” and sandwiched between the two is April, which gets the short end of the stick both in poetry (April Showers) and in reality with Tax Day.

This year, Tax Filing Day is Tuesday, April 18, the date by which the majority of Americans file either their income tax forms, or an extension request. Either way, once you reach “retirement age” (62 for IRS purposes, even if you are still working), you will want to check with your financial advisor or a tax professional to see if you are required to file taxes.

Here are a few tips to help you figure out your filing status:

  • After age 62, you may not need to file your taxes if your gross income (all taxable income, not counting Social Security benefits) affects our filing threshold. Guidelines for thresholds are:
    • Single – $10,350 (or $11,950 if you are age 65 or older, by January 1, 2017).
    • Married Filing Jointly – $20,700 (or $21,950 if you OR your spouse is age 65 or older, OR $23,200 if you AND your spouse are over age 65).
    • Married Filing Separately – $4,050 (regardless of age).
    • Head of Household – $13,350 (or $14,900 if you are age 65 or older).
    • Qualifying Widow(-er) with Dependent Child – $16,650 (or $17,900, if age 65 or older).

Additionally, if you have retired from full-time employment but are “self-employed” and earn $400 or more, you will likely have to file an income tax return.

You also need to file a tax return if you owe Alternative Minimum Tax, or if you owe IRA (Individual Retirement Account) tax penalties.

Remember that federal income tax filing is separate from state tax filing. Even if you are exempt from filing a federal return, you may be required to file state taxes. If you have moved to Georgia from another state, you may be required to file in both states. Check with a tax professional for your state filing status.

All earners are eligible to receive assistance from the IRS, in terms of questions and filing guidelines. Call 800-829-1040 or visit IRS.gov/localcontacts, for more information about local Taxpayer Assistance Centers.

Active Adults have additional resources, in the form of AARP’s Tax-Aide: 888-227-7669, or AARP.org/findtaxhelp; or through Tax Counseling for the Elderly (TCE), at 800-906-9887 or IRS.treasury.gov/freetaxprep. (Subject to income requirements).

After you’ve filed your return, take time to relax and enjoy some stress relief in your private courtyard, or in your luxurious owner’s suite, in your Windsong home. Or you may want to stroll along the wide sidewalks to the Community Clubhouse, for a game of bridge or a book discussion with friendly neighbors.

After all, Windsong homeowners have discovered the keys to stress-free living!

Welcome to Windsong Where Life’s A Breeze!

 

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