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Meals on Wheels, Inc
Making a difference in the Lives of our Seniors

Income Tax Help

    

                                  2017  Income  Tax

The last day to file taxes this year is April 17.  If you can’t file by the due date, you can request a 6-month extension of time to file at irs.gov.  Please note: an extension to file is not an extension of time to pay.  There may be a late payment penalty on any tax not paid by the original due date of your return.  If you are under age 65 and single, you must file a tax return if you earn $10,400 or more (65 or older $11,950).  Married filing jointly under 65 $20,800 (one spouse 65 or older $22,050)(both spouses 65 or older $23,300).

                                                

                            REMINDERS

Remember your Required Minimum Distribution (RMD).  All taxpayers 70-1/2 years old or older must take their minimum distribution from all retirement accounts – 401(k), IRA, etc. by the end of each calendar year.  More information on RMDs:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds    
  
If your spouse passed away in 2017, you can still file a joint tax return.  But if your spouse passed away in 2016 and you have no dependent children, you must file as a Single person with a significantly higher income tax.  Please consider increased withholding or Estimated Tax payments to cover a greatly increased tax bill.    Life insurance proceeds are generally not taxable, but if you receive a 1099 death benefit (Code 4), that amount is fully taxable.  Please consider increased withholding or Estimated Tax payments to cover this tax obligation.   

.Refund  Tax Maze..  Tax Burden