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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
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