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SAVVY SENIOR: Seniors get ‘taxing’ questions answered

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Courtesy of Hometown Content

Dear Savvy Senior
What are the 2011 IRS income tax filing requirements for seniors? I had to file and pay federal income taxes last year, but my income dropped and I’m wondering if I’m exempt this year.
Recently Retired

Dear Retired,
According to the Tax Policy Center, 56 percent of retirees will not have to file or pay federal income taxes this year mainly because their incomes are under the IRS filing threshold. Here’s a breakdown of the 2011 filing requirements along with a few other tax tips to help you determine if you need to file.


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