Q. What is the age and or income limit of the dependents
that I claim on my taxes?
A. The Age Limit is 21. 24 if the dependent is a full time student.
The income limit is approximately $7,000.
Q. What is the amount of income I can make before it is
mandatory that I file taxes?
A. The mandatory income limit is approximately $7,000. If you
have taxes withheld you should file even if income was less.
Q. Can I file an extension if I am not ready to file before
the deadline even if I do not owe the IRS, and if I owe do I have
to submit a payment with the extension?
A. Yes you should file an extension if your paperwork is not
ready before the deadline. Submit a payment with your extension
if you think you will owe. An extension is only allowing you time
to get your paperwork submitted. It is not allowing you time to
make your payment.
Q. Is Social Security and or retirement income taxable?
Q. Will I have to pay taxes if I sell my house or withdraw
from my 401k?
A. If you are single and your proceeds are $250,000 or more or
if you are married filing jointly and your proceeds are $500,000
you are required to pay capital gain taxes. You are required to
pay taxes if you withdraw from a 401K or Deferred Compensation.