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Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA |
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» From: Milford, NH Dear TaxMama: Can you please advise if I have to file federal taxes if my income is below $16,000. per yr? My husband passed away in March and my income has really dropped. Thank you for you help. Maureen  So sorry to learn about your husband. No doubt you really miss him. And I'm sure life is quite complicated sorting everything out since. But, I honestly can't tell you without knowing the source of the income, and if you have dependent children, and if you're over 65. If it's all Social Security, no, you don't have to file. If it's all from a business, then, YES, you must file. If it's from dividends, interest and pensions, yes, you'll need to file. If you have no children, your exemptions and standard deductions only add up to $7,700 ($8,600 if you're over 65; $9,500 if you're also blind). For this year only, if you have no children, you may still file as married, filing jointly, and take an exemption for him, so your total excluded income will be $13,850 ($14,750 if over 65; $15,650 if legally blind). You'll need to file, and will still owe some small tax. But not much. You won't be able to do that next year. If you have a dependent child, you can still file a married, filing jointly for this year and next - in which case, with three exemptions (2002 - you, your husband, your child), you won't owe any tax, because your exemptions will total $16,850 ($17,750 if over 65 and $18,650 if you're blind). However, if your income comes from a business, forget ALL of that. You will have to file a tax return even if you have no income tax due, because you will owe self-employment tax (social security and medicare). So, have I covered all the bases? Best wishes, Eva Rosenberg Your TaxMama  |
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2003 - Eva Rosenberg |
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