Savvy Senior: Do You Need To File a Tax Return in 2017?

Dear Savvy Senior,

What are the IRS income tax filing requirements for retirees this tax season? My income dropped way down when I retired last year in 2016, so I’m wondering if I need to even file a tax return this year.

New Retiree

Dear New,

There are several factors that affect whether or not you need to file a federal income tax return this year including how much you earned last year (in 2016), and the source of that income, as well as your age and filing status.

Here’s a rundown of this tax season’s (2016) IRS tax filing requirement thresholds. For most people, this is pretty straightfor...