Do I have to file taxes

KMC1
KMC1 Member Posts: 1 Newcomer
in Live Q/A Event

I'm 64 yrs old, I took money out of my Vanguard Retirement Distribution. Both State and Federal taxes were taken out at that time. I have no other eans of income. Do I have to file a tax return?

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Answers

  • MeganC
    MeganC FreeTaxUSA Agent Posts: 9

    Hi KMC1,

    Whether you’re required to file a federal tax return depends on your total income, filing status, and age. Since you’re 64 and your Vanguard retirement distribution is your sole income, you’ll need to determine if your gross income exceeds the standard deduction amount for your filing status. The IRS adjusts these amounts annually for inflation.

    Even if your income is below the filing threshold, filing a return can be beneficial. Since federal and state taxes were withheld from your distribution, filing may allow you to receive a refund of any overpaid taxes.

    For a personalized assessment, you can use the IRS’s Interactive Tax Assistant, which guides you through a series of questions to determine your filing requirement.

    https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

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