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If you provide home care for an elderly loved one, you may also be responsible for taking care of his or her finances. If that’s the case, you’re probably wondering whether your family member has to file a tax return for 2015. The answer to that question depends on several factors: how old your loved one is, his or her filing status, and how much income he or she received in 2014.
In general, the filing guidelines for retirees are as follows:
- Single: Must file taxes if earned more than $10,150 ($11,700 if he or she 65 or older by January 1, 2015).
- Married Filing Jointly: Must file taxes if earned more than $20,300 ($21,500 if the senior or spouse is 65 or older; or $22,700 if both spouses are over 65).
- Married Filing Separately: Must file taxes if earned more than $3,950 at any age.
- Head of Household: Must file taxes if earned more than $13,050 ($14,600 if age 65 or older).
- Qualifying Widow(er) with Dependent Child: Must file taxes if earned more than $16,350 ($17,550 if age 65 or older).
For the purposes of filing taxes, income refers to any income received from money, goods, property, and services. It does not include social security benefits unless your loved one is married filing separately, or if one-half of his or her social security benefits plus additional gross income is more than $25,000 ($32,000 if married filing jointly).
If you’re still not sure whether your loved one must file taxes or need additional information, visit the official IRS website and click on “Do I Need to File a Return?” You can also consult the IRS’s Tax Guide for Seniors by clicking here.
If you have additional questions about your loved one’s individual case, a tax professional can also be a great resource in determining his or her tax liability for the year. In addition, a tax professional may be able to provide information about any tax breaks you may be eligible for as a family member caring for an aging parent or loved one.
For more information about caring for a senior adult or to learn about support services available near you, reach out to Home Care Assistance of Albuquerque at 505-798-0800. We are a trusted local home care provider, offering hourly and live-in care in Albuquerque. Reach out to a friendly Care Manager and schedule a complimentary, no-obligation consultation.