The Norman Transcript

Features

February 18, 2014

Tax filing requirements for seniors

NORMAN — Dear Savvy Senior,

What are the IRS income tax filing requirements for seniors this tax season? My income dropped way down when I retired last year, so I’m wondering if I need to even file a tax return this year.

Recently Retired

 

Dear Recently,

Whether or not you are required to file a federal income tax return this year depends on your gross income, as well as your filing status and age. Your gross income includes all the income you receive that is not exempt from tax, not including Social Security benefits, unless you are married and filing separately.

To get a detailed breakdown on federal filing requirements, along with information on taxable and nontaxable income, call the IRS at 800-829-3676 and ask them to mail you a free copy of the “Tax Guide for Seniors” (publication 554), or see irs.gov/pub/irs-pdf/p554.pdf.

In the meantime, here’s a rundown of the IRS filing requirements for this tax season. If your gross income from 2013 was lower than the amount listed in your filing status, you probably won’t have to file. But if it’s over, you will.

· Single: $10,000 ($11,500 if you’re 65 or older by Jan. 1, 2014).

· Married filing jointly: $20,000 ($21,200 if you or your spouse is 65 or older; or $22,400 if you’re both over 65).

· Married filing separately: $3,900 at any age.

· Head of household: $12,850 ($14,350 if age 65 or older).

· Qualifying widow(er) with dependent child: $16,100 ($17,300 if age 65 or older).

 

Special Requirements

Be aware that there are some special financial situations that require you to file a tax return, even if your gross income falls below the IRS filing requirement. For example, if you had net earnings from self-employment in 2013 of $400 or more, or if you owe any special taxes to the IRS such as alternative minimum tax or IRA tax penalties, you’ll probably need to file. 

Text Only | Photo Reprints
Features
  • Just say no to 12-year-old’s Mohawk

    A mom recently asked me what I would say to my son if he was 12 years old and wanted a Mohawk haircut for the summer. I told her I’d say no. “But is it really that big a deal?” she said....

    August 1, 2014

  • Peanut Butter and Jelly Jam set

    Norman residents will serve peanut butter and jelly sandwiches to the homeless from 10 a.m. to noon Saturday at Andrew’s Park, 201 W. Daws St. A pop-up store also will distribute donations of new and gently used books, clothing, shoes, ...

    August 1, 2014

  • CCFI announces play therapy course

    Center for Children and Families will present the course Fundamentals of Non-Directive Play Therapy from 9 a.m. to 3 p.m. Aug. 8 at Sarkeys Foundation, 520 E. Main St....

    August 1, 2014

  • Recent weather has been surprising

    Earlier this July, a dense cold front slipped into the central section of the Southwest — including Oklahoma, Kansas, Texas and bordering states — dropping daytime temperature highs into the upper 60s and 70s, which I believe is an ...

    August 1, 2014

  • Are you a puppet or a prince?

    Names have power. This cautionary statement is frequently found in fantasy novels populated by magical beings. The implication being that you should choose your friends and enemies wisely....

    August 1, 2014

  • Crafter’s emporium planned Saturday

    Members of the Opal District Crafter’s Emporium, plus other local artists, will have an art show from 10 a.m. to 5 p.m. Saturday at the Cleveland County Fairgrounds, 615 E. Robinson St. in Norman. It will be hosted concurrently with the ...

    July 31, 2014

  • Williams book signing event set

    Jared Williams, a resident of Moore, will sign copies of his book “Cerebral” from 1 to 3 p.m. Saturday at Hastings, 2300 W. Main St. Norman....

    July 31, 2014

  • Home dedication set Sunday

    Cleveland County Habitat for Humanity will host a dedication of the Ruvalcaba family home from 2 to 4 p.m. Sunday at 618 E. Apache St. Those attending are asked to bring a pantry item to help the family begin life in their new home. ...

    July 31, 2014

  • Two territorial littermate cats are asserting social dominance

    Dear Dr. Fox: When we decided to get a cat 10 years ago, I thought getting a couple of littermates would work well. They got along during the first couple of years, often sleeping together and grooming each other. As they matured, though, ...

    July 31, 2014

  • Board welcomes new member

    In its June meeting, the members of the Mary Abbott Children’s House board of directors elected Barbara Henderson to serve the remaining term of Anne Ederington, who resigned from the board in May due to moving from Norman. Henderson and ...

    July 30, 2014