0
If you have a Social Security Number, you can be taxed regardless of your age.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What age do you no longer owe income tax?
Age is not a factor. If you have income then it is taxed.
Will you be taxed on withdrawl from your 401k at age 65?
Yes, withdrawals from a 401k are taxed as ordinary income. The tax treatment will depend on your total income in retirement and current tax laws.
What age does earned income credit stop?
A person no longer qualifies for the Earned Income Tax Credit after age 65. The minimum age requirement is 25.
How is social security taxed after age 75?
Age, whether it be young or old, is irrelevant to your taxability. Social Security IS taxable income, although there is a calculation that makes much of it, if not all of it, NOT actually taxed for many, depending on the amount of SS received AND other income sources (like interest, retirement, Pensions, etc)
Is there an age which income tax no longer applies?
I can't speak for all countries and I don't know which country you're talking about but in the UK the answer is no. However, in the UK the amount of income you can have before being taxed increases with age after 65.
Do you get taxed at the age of 14?
No, not in the UK, you get taxed when you are 16
Will the contributions to a 401K count towards your earned income if you choose to retire at age 62?
No, contributions to a 401k do not count as earned income when you retire at age 62, as they are considered pre-tax deductions from your paycheck. When you retire and start withdrawing from your 401k, those withdrawals may be taxed as income.
What happens if you withdraw your IRA between age 59.5 to age 70.5?
If you withdraw from your IRA between ages 59.5 and 70.5, there are no penalties for early withdrawal. However, you will still need to pay income taxes on the withdrawn amount. Once you reach age 70.5, you will be required to start taking minimum distributions from your traditional IRA.
DO I have to file federal income tax after age 70?
My mom is 88 years old and is still paying outrages federal income taxes. I have always heard, that at age 70, you could earn as much as you want, without being taxed. She has a little farm, which pays her about 20,000 a year, and she has a very small pension, and a very small social security, since she is what they called a notch baby. Could you give me some information on how she should be taxed?
what is the criteria for income based retirement housing?
This will vary by complex but there is usually a small fee and an age minimum like 62.
Can a employer pay you less than minimum wage?
You get taxed if your annual income is higher than the national minimum tax threshold (the personal allowance) for a single person (for 2011-2012 in the UK this is £7,475). Also as a worker you will also be required to pay your national insurance contributions. In short, the fact that you are on a minimum wage does NOT exempt you from tax.
Are elderly taxed less for nc lottery winnings?
Age will make no difference at all when it comes to the taxable status of lottery winnings. People sometimes think there is an age limit where they no longer have to file taxes, but there is no such limitation. Taxes are based strictly on income. You are allowed a slight increase in exemption when you are over 65 years of age, but that is the only age effect on income taxes.
