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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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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
Filing status
Age
Gross income
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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