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Does a 71 year old disabled person who doesn't work have to file taxes.
She has lots of mortgage interest and heloc interest.I'm low income and need any extra money I can find.
Best Answer
2082 points
alanj answered 9 months ago …
One way to tell is to take the IRS tax forms a start filling it out. Somewhere in the directions it will tell you if you need to file. Another way is - There are tax filiing services that will do low income senior citizens taxes for free. They should be able to take your income and deduction info and then do your tax forms to see if you need to file. I believe H&R Block is one company that will do your taxes for free.
If you need extra income because it's hard to make ends meet, you may want to consider doing a reverse mortgage on your property. This means you will still be able to live in your home plus you will receive payments on the equity that is in your home ( assuming that you still have some equity left). And you won't have to make those mortgage and heloc interest payments that you have been making.
Answers
356 points
Dusty answered 9 months ago …
Go to IRS.GOV and order any and all appropriate booklets. There is nothing as good as the horse's mouth.
Read more from Dusty102 points
garysheets answered 9 months ago …
Yes. You get the standard deductions for a 71 year old person and any disability pay should not be counted as taxable income. Do the short and long form to see which is best for you.
Read more from garysheets
2222 points
readytoretire answered 9 months ago …
As with most things that involve the government, it depends. If you go to the IRS webpage ( http://www.irs.gov/individuals/article/0,,id=96623,00.html ) they will ask a series of questions
Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you?
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?
Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
Were you self-employed with earnings of more than $400.00?
Did you sell your home?
Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)? You may owe tax if you:
Received an early distribution from a qualified plan
Made excess contributions to your IRA or MSA
Were born before July 1, 1937, and you did not take the minimum required distribution from your qualified retirement plan.
Received a distribution in the excess of $160,000 from a qualified retirement plan.
Will you owe social security and Medicare tax on tips you did not report to your employer?
Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer?
Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.)
Will you owe recapture tax?
Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?
Then if you say no, they will ask several more, and if all those are no, the answer is no.
If she did, she should qualify for free filing.
546 points
warren answered 9 months ago …
You should watch "freedom to fascism" by Aaron Russo. That will answer your question. You have nothing to lose.
Warren
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