Chances are, if you recently retired, your correlating decrease in income may alleviate you from having to file taxes in future years. For this tax season, if your gross income from 2013 is less than the following amounts (depending upon your filing status), you may very well not have to file:
- Single: $10,000 ($11,500 if you’re age 65 or older by January 1, 2014);
- Married filing jointly: $20,000 ($21,200 if you or your spouse is age 65 or older, or $22,400 if you’re both over age 65);
- Married filing separately: $3,900 at any age; and
- Head of Household: $12,850 ($14,350 if age 65 or older).
Of course, this is not an exhaustive list of information. You must do a proper inquiry to ensure you meet your particular tax filing requirements. To obtain a detailed breakdown of the federal filing requirements, contact the IRS at 800-829-3673 and request that a free copy of the “Tax Guide for Seniors” (publication 554) be mailed to you, or access it online by clicking here.