7 Tax Myths That Most People Believe

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5. Myth: Retirees don’t have to pay taxes

Your working status doesn’t matter, only your income does. But the cutoff for having to file is higher for people over 65 than for younger people. For single retirees, the cutoff is $11,850; if both spouses are 65 or older and filing jointly, the cutoff rises to $23,300.

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