Legal Question in Tax Law in Florida

irs

can you tell me how much income I am allowed to make without filing a 1040? I am 72 yrs old, and retired. I have heard both $6400 and $9400 without Soc Sec is allowed without filing. I am a widow. I can withdraw some money out of my annuity up to 10@ without penalty, but it is taxable, so I need to know how much I can withdraw, without having to file income tax. Thank you so much


Asked on 12/01/08, 2:33 pm

1 Answer from Attorneys
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: irs

You should ALWAYS FILE a Federal and State income tax return no matter what level of income you have. If you do not file the returns, the Statute of Limitations never runs. The IRS can demand that you file and can claim you owe taxes on an arbitrary amount. You should go to a tax preparer, such as H&R Block, that will prepare the returns for you inexpensively.

I hope this helps!

Ron Cappuccio

www.TaxEsq.com

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Answered on 12/01/08, 4:36 pm


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