Do you pay income taxes after 70 years of age?

Answer According to "IRS Publication 501, Exemptions, Standard Deduction and Filing Information," you may be required to pay income taxes after 70 years of age. With certain exceptions defined in the Tax ... Read More »

Top Q&A For: Do you pay income taxes after 70 years of age

How many years can you do an amendment on your income taxes?

Taxpayers can amend federal tax returns using IRS Form 1040X. To claim a credit or refund, you must file Form 1040X within three years of the filing date of the original return, or within two year... Read More »

Are income taxes deducted from a new citizen in the first 5 years?

Yes. And as a US Citizen or a resident alien all of your worldwide income will be subject to income tax when you file your 1040 income tax return for the year.Go to the IRS gov website to find more... Read More »

How do I amend federal income taxes for previous years?

Filing DeadlinesIndicate the year of the return you are amending on top of Form 1040X. According to the IRS, you have three years from the time the original tax return was filed, or two years from ... Read More »

How Do I Claim a Capital Loss From Years Ago on Federal Income Taxes?

A capital loss is any loss from an capital asset. Most assets you sell will be capital assets, such as stocks, a home and furniture. The Internal Revenue Service (IRS) allows taxpayers to claim onl... Read More »