I receive social security insurance and have 2 small pensions which total $20,000. I am 65 and do not work otherwise. I do have a 401k with dividends and expect losses on my investments for the next 4 years. I also own a condo that is fully paid for and pay taxes and maintenance fees on. Do I have to file a tax return?

ANSWER

The BIDaWIZ Team's Answer:

We would need to know the break-out of your income, but you probably need to file a tax return. Specifically, if you are a US citizen, you must file an annual income return; unless you are retired, and your taxable income is less than the sum of your personal exemption which is $3,800, and the standard deduction amount which is $9,750 for individual filers under 65. Please note that some people should file even if they aren't required to because they may get a refund if they had taxes withheld or they may qualify for refundable credits.