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Question

Asked 1/24/2008

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

 
 
 
 
 
Answers

Answer 1/5 - Submitted 1/24/2008

You don't pay taxes on disability or social security so sit back and laugh at all of us as we fret about taxes! :)

 
 

Answer 2/5 - Submitted 1/24/2008

Ok, what if I have a dependant child and is buying my home , can i file the interest on my home and taxes

 
 

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

If my child cash in saving bonds, is the interest considered earned income and do I have to claim it since she is my dependant, and is in college. also do I have to claim the hope that she received for school.

 
 

Answer 5/5 - Submitted 1/24/2008

It made since to me. the answer was very detailed I believe it

 
 
 
 
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