Is it true that Seniors & Retirees must file a federal tax return? I thought only the working people file tax returns. I didn't know Seniors & Retirees still do. This is new to me I must say.
I became my Aunt's DPOA and Caregiver about 3 months ago. A few days ago she recieved these papers in the mail,
2013 Chase Bank 1099 - INT Interest Income (Copy B)
Form SSA - 1099 - Social Sercurity Benefit statement.
How do I file her taxes? What forms do I need to get? As example 1040 or what?
I've done my own taxes online thru either H&R Block or Turbo Tax for many yrs.
I don't understand how to file with no W-2s.I holding off waiting to see if more tax forms come in the mail for her before I attempt to file her taxes.I'm a dummy when it comes to Seniors & Retirees filing.
With this Form SSA - 1099 - Social Sercurity Benefit statement it states box 5 May be taxable income."May be"?either it is or it isn't which is it?This is confusing!
Can someone help me with this?
SSA is taxable income?The back side of this form SSA - 1099 is like this below,
A:Enter total amount in box 5__________ example $20,000.
B:Enter one half of that amount in box A___________example $10,000.
C:Enter your Total Income that is taxable__________.How do I know what is taxable and what is not taxable?
D:Enter any tax exempt interest__________.
E:Add lines B,C and D here and read the following below_________.
Part of your SS may be taxable if,you file separately and line E is above zero (More then $25,000)if you lived apart from your spouse for all of 2013.
I'm not understanding this at all.More then "Zero" More then $25,000?Which is it?More then Zero or more then $25,000?
I'm not understanding question C,Enter your total income________ is the where I put $20,000?
Question E,Add lines B,C and D enter here_______.I'm not understanding this?
Example her total SSA-1099 states $20,000.So,I take it that means this is her total income $20,000.Is this the same amount I need to put in question C?
If so,I'm told to add lines B,C and D and enter that total in box E.
If I'm correct Line E should read $30,000?Total income $20,000 plus half of $20,000 = $10,000 Totals $30,000 correct?
This Notice 703 form isn't telling me what is taxable?
I'm not understanding this at all.Her total income originally was $20,000.IRS is telling me to add Half of her total income to her total income.Why is the IRS asking me to add another half income to her original income?
Can I do her taxes online through H& R Block?Would this be easier to do?