Differences

This shows you the differences between two versions of the page.

--- lifestyle:expenses [2020/02/10 16:34]
frater_secessus [more than $1500/month]
+++ lifestyle:expenses [2020/02/10 16:41]
frater_secessus [unearned income]
@@ 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 ====
@@ Line 35: / Line 36: @@
 Social Security payments
-> In most cases, if you //only// receive Social Security benefits then you would not have any taxable income and therefore would not need to file a tax return.((https://turbotax.intuit.com/tax-tips/irs-tax-return/does-everyone-need-to-file-an-income-tax-return/L7pluHkoW))
+> In most cases, if you //only// receive Social Security benefits then you would not have any [federally] taxable income and therefore would not need to file a tax return.((https://turbotax.intuit.com/tax-tips/irs-tax-return/does-everyone-need-to-file-an-income-tax-return/L7pluHkoW))  [[https://www.fool.com/retirement/2020/02/09/2-ways-to-get-out-of-paying-taxes-on-your-social-s.aspx|States that do not tax SS income]].
 Having earned income in addition to SS income can result in [[https://finance.zacks.com/much-can-make-before-pay-income-taxes-social-security-benefits-4729.html|paying taxes on some amount of SS]].

RV and vandwellers wiki

User Tools

Site Tools

Differences

Page Tools