If Social Security is your sole source of income, then you don't need to file a tax return.
However, if you have other income, you may be required to file a tax return depending on the amount of other income. Here are the guidelines.
Unmarried
If you are unmarried and at least 65 years of age, then you will need to file a tax return if your gross income is $11,850 or more (remember, this is income other than Social Security). If your income other than Social Security is less than $11,850, then your gross income equals zero for tax purposes, and you don't have to file a federal income tax return.
Married Filing Jointly
If you are married and file a joint return with a spouse who is also 65 or older, you must file a return if your combined gross income is $23,300 or more. (Remember, your Social Security is not part of this income; you don’t need to file a return if Social Security is your only income.) If your spouse is under 65 years old, then the amount decreases to $22,050. These income amounts only apply to the 2017 tax year, and generally increase slightly each year.
Married Filing Separately
Seniors must include their Social Security benefits in gross income in certain situations. If you are married and live with your spouse at any time during the year but file a separate tax return, then all of your Social Security benefits are considered gross income, which may require you to file a tax return.
Exceptions
Regardless of your filing status, a portion of your Social Security benefits are included in gross income if in any year the sum of half your Social Security plus all other income, including tax-exempt interest, exceeds $25,000 if you’re single or exceeds $32,000 if you are married filing jointly.
Even if you must file a tax return, you can reduce the amount of tax you may owe. If you are at least 65 years old and your income from sources other than Social Security is not high, then the tax credit for the elderly or disabled can reduce your tax bill on a dollar-for-dollar basis. However, this tax credit is only useful when you actually owe taxes to the IRS. Look at this IRS link for more details: https://www.irs.gov/credits-deductions/individuals/credit-for-the-elderly-or-the-disabled
If you receive what is called a 1099c or have other questions, please look at this HELPS article, “Past Due Income Taxes."
Eric Olsen, Executive Director HELPS nonprofit law firm.
Find Out More About HELPS
FAQs
We are classified as as a charity by the IRS. Around one third of our clients receive our services for free. Our suggested fees are based on our client's ability to pay.
What does helps do for seniors? ›
HELPS' clients are senior citizens, retired persons, veterans and legally disabled persons. HELPS clients receive incomes protected by federal and state laws. They struggle with debt they cannot afford to pay.
Why should seniors not worry about old debts? ›
There are federal laws to protect VA benefits. There are state laws that protect IRA benefits and independent retirement accounts. So, seniors' income is protected by various laws, and if they don't pay their debt, or if they're unable to pay their debt, even if they're sued, it can't be garnished or taken from them.
How do I know if my debt relief is legitimate? ›
They Ask for Fees Upfront
This is the most obvious sign of a debt relief scam. If the person/company offers to help get rid of your debt but first you have to pay them a fee, they're probably lying to you. Cut off contact and file a complaint with us.
How do I know if a charitable organization is legitimate? ›
Potential donors should ask the fundraiser for the charity's exact name, website and mailing address so they can independently confirm the information. Use TEOS to verify if an organization is a legitimate tax-exempt charity. Don't give in to pressure. Scammers often pressure people into making an immediate payment.
Is there really a $900 grocery stimulus for seniors? ›
In conclusion, the idea of this grand grocery stimulus worth $900 for seniors is just that: a rumor. There is no truth to it. As a senior, if you find yourself struggling, numerous government programs, including food stamps, are a much better alternative than a fictitious idea to save money on groceries!
What is the most requested support service for the elderly? ›
What Services Do Seniors Need Most?
- Personal Care. One of the most in-demand services for seniors is personal care. ...
- Medication Management. ...
- Nutrition and Meal Support. ...
- Mobility and Transportation. ...
- Healthcare. ...
- Money Management. ...
- Safety and Security. ...
- Social Interaction Opportunities.
For example, anyone over 60 will receive free prescriptions from the NHS. You will also be eligible for a free NHS eyesight test, so you should definitely inform your optician if you still haven't had an appointment. If you're aged 65 or over, you can also get the free NHS flu vaccine.
How much debt does the average 70 year old have? ›
Average debt by age
| Generation | Average total debt (2023) | Average total debt (2022) |
|---|
| Millenial (27-42) | $125,047 | $115,784 |
| Gen X (43-57) | $157,556 | $154,658 |
| Baby Boomer (58-77) | $94,880 | $96,087 |
| Silent Generation (78+) | $38,600 | $39,345 |
1 more row5 days ago
In general, the answer is no, creditors and debt collectors cannot seize your Social Security benefits.
407, 652(b), 659 and 662(f)) LEVY AND GARNISHMENT OF BENEFITS. Generally, Social Security benefits are exempt from execution, levy, attachment, garnishment, or other legal process, or from the operation of any bankruptcy or insolvency law.
Are all debt collectors legit? ›
Real debt collectors will often try to get payment quickly, but if your collector is being very pushy, you should be suspicious. Scammers survive by getting people to pay fake debts before they have a chance to realize they're being scammed. So if a debt collector pushes you to pay immediately, be very cautious.
How can senior citizens get out of debt? ›
If you have high-interest credit card debt, a debt consolidation loan can help reduce interest payments. Other options for seniors looking to consolidate debt include a reverse mortgage, HELOC, or home equity loan. Groups like the Administration on Aging that offer resources for seniors in debt.
Is World Help a legitimate organization? ›
We have the highest star-ratings from Charity Navigator and accreditation from the ECFA.
How do I find a legitimate charity? ›
You can use Charity Navigator to find and support thousands of charities that align with your passions and values. We use data from the IRS, partners, and the charities themselves to power our unbiased ratings so that you can give with confidence.
