I Have Started My Income Taxes Have You?

Discussion in 'Money & Finances' started by Lon Tanner, Jan 16, 2019.

  1. Lon Tanner

    Lon Tanner Very Well-Known Member
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    Yes, because I have income. Everyone that has income must file.
     
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  2. Sheldon Scott

    Sheldon Scott Veteran Member
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    Not so Lon. You only have to file if you owe taxes. Of course if you had taxes withheld you'll have to file to get a refund.
     
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  3. Lon Tanner

    Lon Tanner Very Well-Known Member
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    Picky picky----OK, but it's very common for many to have income with NO with holding, there fore they owe taxes and must file.
     
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  4. Sheldon Scott

    Sheldon Scott Veteran Member
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    True Lon, but I have no taxes withheld and I don't owe taxes. I haven't filed for several years. If I ever have to start drawing from my investments I will most likely owe taxes. Or if I win the lottery.
     
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  5. Lon Tanner

    Lon Tanner Very Well-Known Member
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    If you have NO taxes paid on the income you receive then you are either paid in CASH or receive DISABILITY payments from the VA. ???
     
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  6. Sheldon Scott

    Sheldon Scott Veteran Member
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    No, Lon. My income is social security and a company pension. My wife's is the same but hers is a lot lower.

    We pay no taxes but our income is low enough we don't owe any taxes. Our investments are not income unless we start drawing from them and then we still might not owe taxes depending on how much we draw. Right now we are able to add to them rater than drawing from them.

    If you are getting back all you paid in then you didn't need to have taxes withheld.
     
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