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    magyar's Avatar
    magyar Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 27, 2011, 06:01 AM
    I am 72 years old do I still have to pay income tax
    72 years old do I still have to pay income tax
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #2

    Nov 27, 2011, 06:07 AM
    It's a shame but yes if your in the U.S. you can still be liable for taxes if you have an income.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #3

    Nov 27, 2011, 06:28 AM
    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.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Nov 27, 2011, 09:00 AM
    Of course no one asked what he earned, he may be making 1/2 a million a year as a investment counselor
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #5

    Nov 28, 2011, 04:42 AM
    Every U.S. citizen or resident must file tax return if the worldwide income is more than the filing requirement.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Nov 28, 2011, 11:56 AM
    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.
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