Yes, unless you qualify for elderly or senior citizen real estate tax relief provided by some states. Each state in the United States has different tax laws concerning elderly or senior citizen tax relief. Most have household income and asset ceilings that if you go over them, regardless of your age, you do not qualify. Check with your local assessor or tax collector.
Whether or not you pay property taxes at age 70 depends on various factors such as the country, state/province, and local laws where the property is located. In many places, property taxes are still applicable at age 70 unless certain exemptions or discounts apply based on factors like income, disability, or veteran status. It's best to check with your local tax authority for specific information.
in GI NE
No, individuals over the age of 70 are generally exempt from paying Social Security or Medicare taxes (FICA taxes) on any earned income. There is no age limit for paying income taxes on investment income, though.
Yes, you can close an IRA after age 70 and a half. Once you reach this age, you can start taking distributions from your IRA without penalty. Keep in mind that you will need to pay taxes on any withdrawals you make, as contributions to traditional IRAs are typically tax-deductible.
YES, YES, YES. There is no age limit that will stop anyone from filing and paying income taxes. I have seen several people who were told this or assumed this in error. If you have taxable income over the filing threshold then you are required to file a tax return no matter what your age is. I hope this has helped you even though it may not be the answer you had hoped for.
A 70-year-old individual may still be required to pay various taxes depending on their income, assets, and activities. They may have to pay income tax on any taxable income they earn, including retirement income, pensions, or rental income. Additionally, they may be subject to property tax if they own real estate, and they may have to pay sales tax on purchases they make. It is essential for older individuals to consult with a tax professional or contact their local tax authority for specific guidance.
Yes, a 70-year-old may still need to pay taxes on income earned, depending on the amount and sources of income. Social Security benefits, pensions, retirement account distributions, and other forms of income may be subject to taxation at the federal or state level. It is advisable for individuals to consult with a tax professional for personalized advice.
yes you do my father pays taxes he is 70
I have an employee over 70 years of age, can she stop withholding her FICA taxes? (Social Security) Thank you
No, individuals over the age of 70 are generally exempt from paying Social Security or Medicare taxes (FICA taxes) on any earned income. There is no age limit for paying income taxes on investment income, though.
SURE YOU DO. You can be over 100 years of age and could still meet the requirements of having to file an income tax return. Age does not have anything to do with the requirement to have to file an income tax return.
Yes!
Yes, you can close an IRA after age 70 and a half. Once you reach this age, you can start taking distributions from your IRA without penalty. Keep in mind that you will need to pay taxes on any withdrawals you make, as contributions to traditional IRAs are typically tax-deductible.
yes
YES, YES, YES. There is no age limit that will stop anyone from filing and paying income taxes. I have seen several people who were told this or assumed this in error. If you have taxable income over the filing threshold then you are required to file a tax return no matter what your age is. I hope this has helped you even though it may not be the answer you had hoped for.
Democrats This guys is obdviously a democrat if he thinks that. NO. Republicans pay about 70 percent of taxes, and democrats pay 30. (because a lot of democrats feed off of welfare and pay no taxes). my answer: it is impossible to tell without access to I.R.S. tax forms. do NOT forget that Congress is full of millionaires who pay VERY few taxes be they Republican or Democrat. now IF the question were rephrashed,Republicans clamor for less taxes
A 70-year-old individual may still be required to pay various taxes depending on their income, assets, and activities. They may have to pay income tax on any taxable income they earn, including retirement income, pensions, or rental income. Additionally, they may be subject to property tax if they own real estate, and they may have to pay sales tax on purchases they make. It is essential for older individuals to consult with a tax professional or contact their local tax authority for specific guidance.
There is no age requirement, if you have sufficient income you have to file taxes. CHECK THE IRS AND YOUR STATES GUIDLINES , BUT GENERALLY IF YOU EARN ABOVE A CERTAIN INCOME , AND CERTAIN TYPES OF INCOMES-----NONE OF WHICH IS AGE RELATED UNLESS YOU ARE RETIRED AND OVER A CERTAIN AGE - I THINK ITS 70 YRS BUT CHECK THE BOOKS TO MAKE SURE
70