Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Tax Question
Old 02-11-2013, 08:23 AM   #1
Recycles dryer sheets
 
Join Date: Sep 2004
Posts: 330
Tax Question

An 82 y/o friend asked an interesting question recently. He retired at 65 on SS and a $300 a month pension. No assets / property. Widowed. All children grown. He hasn't filed a tax return since retirement. He's concerned about going to jail. What can (would) the IRS do to a 82 y/o....would they even expend the time, effort, resources since there's probably no taxes owed anyway and his life expectancy is less than 5 years. I told him he isn't Wesley Snipes the actor with millions who didn't file for years.

Has anyone encountered a similar elder situation?
__________________

__________________
ferco is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-11-2013, 08:37 AM   #2
Recycles dryer sheets
 
Join Date: Jun 2010
Location: Southwest Florida
Posts: 326
Tell him to rest easy. He probably doesn't have to file. The filing requirement for over age 65 in 2012 is total income of $11,200. Even if he exceeded that he would have no tax due and therefore no penalty.
Bruce
__________________

__________________
Gill is offline   Reply With Quote
Old 02-11-2013, 08:37 AM   #3
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,465
The IRS would have sent notices and acted against his bank accounts. A couple of questions.

Has he received any notices from anyone?
Is any tax being withheld from his SS?
Is he getting 1099's from SSA and his Pension provider?
__________________
MichaelB is offline   Reply With Quote
Old 02-11-2013, 09:00 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,446
Quote:
Originally Posted by MBMiner View Post
Tell him to rest easy. He probably doesn't have to file. The filing requirement for over age 65 in 2012 is total income of $11,200. Even if he exceeded that he would have no tax due and therefore no penalty.
Bruce
+1 At that level of income his SS would likely not be taxable and his pensions would not be sufficient to file. My grandmother had SS and a slightly smaller pension and didn't have to file.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline   Reply With Quote
Old 02-11-2013, 09:52 AM   #5
Recycles dryer sheets
 
Join Date: May 2012
Posts: 58
He might want to file if he had any withholding or if he is eligible for a state credit (i.e. heating, property tax, etc). Then he is entitled to money back.
__________________
tessaduncan is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 01:50 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.