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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.
What else can I help you with?
Can you close an IRA after age 70 and one half?
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.
Does one pay fica taxes over 70 years of age?
Well, honey, FICA taxes are like that annoying relative who never leaves - they stick around no matter how old you are. So yes, even if you're sipping margaritas on a beach at 70, you'll still be forking over those FICA taxes if you're earning income. Age ain't nothing but a number to the taxman!
Why cant anyone give me a straight answer do you have to pay income if your 70 and older what the hell yes or no?
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.
What taxes does a 70 year old have to pay?
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.
Does a 70-year-old pay taxes on income earned?
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.
Do you pay taxes after age seventy if you continue to work?
yes you do my father pays taxes he is 70
Do you have to pay taxes after age 70?
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.
Do you have to pay taxesfederal at or after age 70?
Yes!
Can you close an IRA after age 70 and one half?
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.
Does one pay fica taxes over 70 years of age?
Well, honey, FICA taxes are like that annoying relative who never leaves - they stick around no matter how old you are. So yes, even if you're sipping margaritas on a beach at 70, you'll still be forking over those FICA taxes if you're earning income. Age ain't nothing but a number to the taxman!
Will you have to pay into social security after age 70?
yes
Why cant anyone give me a straight answer do you have to pay income if your 70 and older what the hell yes or no?
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.
How much money can you make at age 70 and have to pay taxes if your income is ss?
At age 70, if your income comes solely from Social Security benefits, you may not owe federal income taxes if your total income is below certain thresholds. For individuals, if your combined income (including half of your Social Security benefits) is below $25,000, you generally won't pay taxes on your benefits. However, if your income exceeds this threshold, you could be taxed on up to 85% of your Social Security benefits. It's important to consider other sources of income as well, since they can affect your tax liability.
Who pays more taxes Republicans or Democrats?
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
What taxes does a 70 year old have to pay?
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.
What is the age requirement to file taxes?
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
What is distributive property of 280 divided by 4?
70
