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Income Tax- Who Must File in 2016 Over Age 65- Part 4

As discussed in the previous posts an individual must file an income tax return for tax year 2015 depending upon filing status, gross income, and whether the individual could be claimed as a dependent on another’s tax return. Additional factors in determining the necessity to file, include the individual’s unearned income, earned income, and gross income.

Despite the rules discussed previously, an individual must file a tax return for tax year 2015 if any of the five conditions listed below applied to you for 2015.

  • You owe any special taxes, including any of the following:
    • a. Alternative minimum tax.
    • b. Additional tax on a qualified plan, including an individual retirement arrangement (IRA), or other tax­favored account.
    • c. Social security or Medicare tax on tips you didn’t report to your employer or on wages you received from an employer who didn’t withhold these taxes.
    • d. Write­in taxes, including uncollected social security, Medicare, or railroad retirement tax on tips you reported to your employer or on group­term life insurance and additional taxes on health savings accounts.
    • e. Household employment taxes. But if you are filing a return only because you owe these taxes, you can file Schedule H (Form 1040) by itself.
    • f. Recapture taxes.
  • You (or your spouse if filing jointly) received Archer MSA, Medicare Advantage MSA, or health savings account distributions.
  • You had net earnings from self­employment of at least $400.
  • You had wages of $108.28 or more from a church or qualified church­controlled organization that is exempt from employer social security and Medicare taxes.
  • Advance payments of the premium tax credit were made for you, your spouse, or a dependent who enrolled in coverage through the Health Insurance Marketplace.i

To be continued….
Aaron E. Futterman, CPA, Esq. is a partner in the law firm of Futterman & Lanza, LLP with offices in Smithtown, NY and clients throughout Suffolk, Nassau, Queens, Brooklyn, Bronx, Richmond, New York, Westchester and Rockland Counties. He concentrates his practice to Elder Law, Medicaid Planning, Medicaid Applications, Estate Planning, Probate, Estate Taxes, and Estate Administration.

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