72 years old do I still have to pay income tax
![]() |
72 years old do I still have to pay income tax
It's a shame but yes if your in the U.S. you can still be liable for taxes if you have an income.
You may not owe any tax (such as on Social Security under certain amounts) but you do have to file forever unless you continue to just get SS or are a dependent of someone else.
Of course no one asked what he earned, he may be making 1/2 a million a year as a investment counselor
Every U.S. citizen or resident must file tax return if the worldwide income is more than the filing requirement.
Age is NOT a consideration as to whether you pay taxes or not, and, in some cases, not even death is a factor. The deciding factor is whether INCOME is generated.
Point in case: Elvis Presley's estate still pays taxes because the estate still generates income.
And children as young as 2 days old have to file income tax returns and pay taxes if they earn income.
All times are GMT -7. The time now is 08:41 PM. |