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Generally speaking, you have to be 65 or older and make less than $17,500 in adjusted gross income if you’re filing singly or as head of household—that limit rises to $20,000 if you’re ...
Seniors may be exempt from paying state income tax if they are a single filer making $8,000 or less, a head of household making less than $14,400 plus $1,000 per dependent or filing jointly making ...
The IRS offers two free options for individuals to file their taxes. One is Guided Tax Preparation filing which is free to taxpayers who made $73,000 or less in 2022.
The act permanently exempted from taxation the capital gains on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five. Taxpayers can only claim the exemption once every two years. [4]
Every year about this time, I receive a lot of mail from seniors who are confused about whether they should file a tax return. The confusion stems from the fact that many seniors receive income ...
While Texas has not only high property taxes but a hefty sales and use tax. New Hampshire doesn’t tax personal income, but it does have a 4% tax on dividends and interest with a total gross from ...
When you file taxes, you must indicate your tax filing status on Form 1040. The options include single, married filing jointly, married filing separately, head of household or qualifying surviving ...
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