Welcome! | Ask A 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 |
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
Type your Answer in the box below and post your answer.
This is the first year filing with a 401k, do i receive a w2 like normal or is it complicated? i use turbo tax. do i need to use a certain version of it? hoping it doesn't affect my return alot.
If someone dies at age 70 with $5000 in a 401k, are there taxes or penalties?
How do i go about filing if i do have to file?
|
1st time filing taxes with 401k This is the first year filing with a 401k, do i receive a w2 like normal or is it complicated?... |
|
If someone dies at age 70 with $5000 in a 401k, are there taxes or penalties? |
|
How do i go about filing if i do have to file? |
|
How do i stop 401k withdraws from my check I will only be working acouple months and i had to sign up for 401k , i would like to stop... |
|
I owe state taxes and my company has just been bought out therefore i am loosing my job. can... |
|
Am i responsible for my mothers back taxes and real estate property taxes I am executor of my mothers estate. my father died and left her with 400,000 in 401k and life... |

Ask A Question
Ask a new question about
401k: