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--- lifestyle:expenses [2020/02/10 16:34]
frater_secessus [more than $1500/month]
+++ lifestyle:expenses [2020/02/10 16:39]
frater_secessus [tax ramifications]
@@ Line 27: / Line 27: @@
 Living on small amounts of income may result in your owing no federal income tax "as long as your [earned] income is less than your standard deduction" ($12,200 in 2019, or $13,850. for those 65+).((https://turbotax.intuit.com/tax-tips/irs-tax-return/does-everyone-need-to-file-an-income-tax-return/L7pluHkoW))  This is just over the **$1000/mo** mark described above.
+Even if filing isn't required, it may be a good idea since it starts the IRS 3 year statute of limitations timer on audits.((https://www.marketwatch.com/story/do-i-need-to-file-my-taxes-2015-02-10))
 ==== unearned income ====

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