AboutCarole Dunton Expertise Preparation of individual income tax returns including social security, pensions, lump sum distributions, sale of personal residence, stock and mutual fund sales, distributions from individual retirement accounts, moving expenses and itemized deductions.
General knowledge of schedule C for small sole proprietorships.
No experience in corporate, estate, partnership or large business returns.
Experience 8 years as tax preparer for major national firm.
Expert: Carole Dunton Date: 8/20/2008 Subject: Social Security Tax
Question Hi, I am on Social Security and it is my only source of income. I draw $1180 per month and am 85 years old. Do I have to pay taxes on this? What are the limits. I live in Okla.
Thanks very much,
Lottie
Answer Hi,
No you don't have to pay taxes on your social security income if it is your only income. But you should file a tax return for 2007 so that you will receive a stimulus rebate check. You would receive $300 and it isn't difficult to complete a 1040A to file your return.
