I live off my Social Security check with a yearly income of $21,000. My living and medical expenses take up most of that, and I have no other income. Must I file a federal tax return? We helped out a reader during the tax season.
I would like to know if I live off my Social Security check and have no other income must I file a federal tax return? I have a yearly income of $21,000. My living and medical expenses takes up most of that. I really appreciate any advice you can give me on this matter.
If you have had any tax withheld, either from the Social Security payments, or from any other source, including quarterly estimated tax payments or carried over refunds from prior years, you should file a tax return. In many cases you’ll get most if not all of the withheld tax back in a refund. The reader indicates no other income, but if you happen to be employed and/or you have self-employment income, it’s most often necessary to file a tax return to reconcile your withholding against the tax on your income. Often self-employment tax is overlooked in these situations.
Earned income credit might also be available to you depending on your circumstances — and you can only receive this credit if you file a tax return.
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