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Low-Income Tax Advice

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Money Talk > Taxes

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Shep
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Low-Income Tax Advice  Reply with quote  

Hi There,

I'm new here and could use some advice. I'm on Social Security as my only source of income. My wife has always handled the taxes combined with her income. I am now seperated from her and frankly, I'm lost. I assume I'll file married but seperate, or do I even have to file taxes since I only get money from the Government? If I do, can I deduct medical expenses such as dr. appts and medication? And they take a piece every month for Medicare, can this be deducted? Thanks, really appreciate any info you all can give me here! Very Happy

Shep
Post Fri Mar 24, 2006 6:14 am
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JBendar
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Income Taxes  Reply with quote  

Shep:

I cannot advise you since there would have to be a professional arrangement for me to do that. The general advice on this matter that would apply to similar individuals in your situation. First if you are divorced rather than just separated, then you must file as single. Depending on your age (over 65 if you are on Medicare), your income ceiling is $9,450 to be required to file a tax return. Social Security benefits are not taxable if you are single and your income is under $25,000. You are not able to claim medical expenses unless you itemize your deductions (some states, such as NJ allow you to itemize a certain percentage). That is about all the general information I can share with you at this time. Good luck with your future.

JBendar Smile
Post Fri Mar 24, 2006 7:10 pm
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coaster
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All the items mentioned are deductible to the tune of whatever exceeds 7.5% of your adjusted income. However, if you can afford $30 for Turbo Tax or Tax Cut, that's the easiest way to "what-if" your income taxes.

~Tim~
Post Fri Mar 24, 2006 8:19 pm
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Shep
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Cash: $ 1.15

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Joined: 24 Mar 2006

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Thanks! This is good stuff. Much appreciated. Very Happy

Shep
Post Sat Mar 25, 2006 6:21 am
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