Who doesn't file a tax return?
Certified Public Accountant Ben Micham is a regular guest on the WRAL Noon News, advising about tax and financial issues. This time around, he answers questions from viewers.
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Certified Public Accountant Ben Micham is a regular guest on the WRAL Noon News, advising about tax and financial issues. This time around, he answers questions from viewers:
- Add one-half of the Social Security benefits you received to all your other income, including tax-exempt interest. Tax-exempt interest includes interest from state and municipal bonds.
- Next, compare this total to the ‘base amount’ for your filing status. If the total is more than your base amount, then some of your benefits may be taxable.
The three 2013 base amounts are:
$25,000 for single, head of household, qualifying widow or widower with a dependent child or married individuals filing separately who did not live with their spouse at any time during the year;
$32,000 for married couples filing jointly; and
$0 for married persons filing separately who lived together at any time during the year.
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