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).
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:
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.