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Asked 1/24/2008
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When do I stop filing taxes If I only get social security and retirement disibility do I still need to file even though no federal taxes are being taken out of my check |
Answer 1/5 - Submitted 1/24/2008
Answer 2/5 - Submitted 1/24/2008
Answer 3/5 - Submitted 1/24/2008
No because how it works is you pay the taxes that the legislatures says that you owe because of your circumstances on your earned income (which ss, disability and unemployment are exempt from).
In order to reduce the taxes that you owe, the government gives you breaks or deductions for being married, having a child or paying interest on a home. The money you pay towards these gets deducted from your "taxable income" so you pay less taxes.
In your situation you have no earned income, so you have no income to deduct those expenses from. People tend to think that the government is giving them a bonus or a paycheck when they get a refund, but all a refund is, is the amount you overpaid on your taxes. Make sense?
Answer 4/5 - Submitted 1/24/2008
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