Don’t Fall for These 12 Common Tax Myths

MYTH: RETIRED PEOPLE DON’T HAVE TO PAY TAXES

As usual, the IRS doesn’t care about working status, just about income. But the cutoff for having to file is somewhat higher for people over 65 than for younger people. For single seniors, the cutoff is $11,900; if both spouses are 65 or older and filing jointly, the cutoff rises to $23,200.

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