Do You Pay Taxes after 70 Years Old?
Do You Pay Taxes After 70 Years Old? Do 80 Years Old Pay Taxes?
If you are older than 65 with an income of more than $11,850 and live without dependents, you must file an income tax return. Income tax requirements are based on the nature and amount of your income, not your age, so you may or may not be free from paying income tax after 70, depending on your situation.
As many senior citizens over age 70 earn below the income minimums, most of them are not required to file.
Since many of those aged 70 and older earn below the income minimums, it’s common to generalize and say seniors aren’t required to file or pay income taxes.
If your income comes only from Social Security benefits, you can stop filing taxes as taxed income does not include Social Security benefits.
However, being exempt from federal taxes does not mean that you are also exempt from state taxes, so make sure to follow the specific state regulations and rules.