Reported about 1 year ago
Retirement or reaching a certain age doesn't exempt you from filing taxes. Even if you're 65 or older, you still need to file a tax return if your gross income is above specific thresholds. However, if your sole income is from Social Security payments, you may not owe taxes or need to file a return. Seniors also face taxes on retirement savings, such as Social Security taxes, IRA and 401(k) withdrawals, and pension taxes. Ways for seniors to minimize taxes include taking advantage of tax credits, utilizing higher standard deductions, and making catch-up contributions to retirement accounts. Seeking assistance from a financial advisor can provide guidance in managing taxes during retirement.
Source: YAHOO