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My parents (dad: 66 years, on SS retirement & SSI; Mom: on SS retirement) both applied for retirement recently, their total income is less than $1000, are they required to file tax return?
First of all, is it still for low income senior to file tax return?
If yes, does SSA provide some kind of annual document (something like W2) for seniors to file tax return?
The advantage to filing a zero return is starting the clock on the statute of limitations for the IRS to audit a non fraudulent return.
How many audits are performed on those whose only income is SS benefits so low that none of it is taxable? Zero would be my guess, as there is no possibility to collect a single dollar. In fact, it better be zero. Anything else is a waste of money.
How many audits are performed on those whose only income is SS benefits so low that none of it is taxable? Zero would be my guess, as there is no possibility to collect a single dollar. In fact, it better be zero. Anything else is a waste of money.
That would require the IRS to believe the filer's claim that their only income was SS. Sure they can check the SS distribution for themselves, but I can see potential for an audit if they had incomes high enough to pay income tax in previous years and now in this year they don't.
That would require the IRS to believe the filer's claim that their only income was SS. Sure they can check the SS distribution for themselves, but I can see potential for an audit if they had incomes high enough to pay income tax in previous years and now in this year they don't.
The IRS does not rely on your tax return for information which is reported from other sources.
The IRS does not rely on your tax return for information which is reported from other sources.
Of course. I meant that they can check it for themselves if they have flagged a return and are considering an audit.
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