Bankrate follows a strict editorial policy, so you can trust that
we’re putting your interests first. Our award-winning editors and
reporters create honest and accurate content to help you make the
right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with
accurate and unbiased information, and we have editorial standards
in place to ensure that happens. Our editors and reporters
thoroughly fact-check editorial content to ensure the information
you’re reading is accurate. We maintain a firewall between our
advertisers and our editorial team. Our editorial team does not
receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader.
Our goal is to give you the best advice to help you make smart
personal finance decisions. We follow strict guidelines to ensure
that our editorial content is not influenced by advertisers. Our
editorial team receives no direct compensation from advertisers,
and our content is thoroughly fact-checked to ensure accuracy. So,
whether you’re reading an article or a review, you can trust that
you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have
been helping you master your money for over four decades. We
continually strive to provide consumers with the expert advice and
tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that
our content is honest and accurate. Our award-winning editors and
reporters create honest and accurate content to help you make the
right financial decisions. The content created by our editorial
staff is objective, factual, and not influenced by our
advertisers.
We’re transparent about how we are able to bring quality content,
competitive rates, and useful tools to you by explaining how we
make money.
Bankrate.com is an independent, advertising-supported publisher
and comparison service. We are compensated in exchange for
placement of sponsored products and, services, or by you clicking
on certain links posted on our site. Therefore, this compensation
may impact how, where and in what order products appear within
listing categories. Other factors, such as our own proprietary
website rules and whether a product is offered in your area or at
your self-selected credit score range can also impact how and
where products appear on this site. While we strive to provide a
wide range offers, Bankrate does not include information about
every financial or credit product or service.
Dear Tax Talk,
I was the primary caretaker for my father, who has died. I have not gone back to work since then, and have had no earned income. I have been living off of the mutual funds that I inherited. The financial institution withdrew the taxes each time I took a withdrawal. Do I need to file a tax return?
— Margie
Dear Margie,
Whether or not you need to file a tax return depends on your filing status, your gross income and your age. The filing requirements change somewhat if you can be claimed as a dependent on someone else’s return. However, even if you do not meet the filing requirements, you may be due a refund for the taxes that have been withheld by the mutual fund company, so you will need to file a return to receive any refund from the IRS.
The table below shows the income thresholds required for someone to file taxes.
2014 filing requirements for most taxpayers
|
| Single
|
Under 65
65 or older |
$10,150
$11,700 |
| Married filing jointly |
Under 65 (both spouses)
65 or older (one spouse)
65 or older (both spouses) |
$20,300
$21,500
$22,700 |
| Married filing separately |
Any age |
$3,950 |
| Head of household |
Under 65
65 or older
|
$13,050
$14,600 |
| Qualifying widow(er) with dependent child |
Under 65
65 or older |
$16,350
$17,550 |
Source: IRS Publication 17
Thanks for writing. All the best to you.
Ask the adviser
To ask a question on Tax Talk, go to the “Ask the Experts” page and select “Taxes” as the topic. Read more Tax Talk columns.
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Taxpayers should seek professional advice based on their particular circumstances.
Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.
Share