Tax Day is almost here. This year you have a few extra days. The income tax return due date was extended from April 15th to April 18th because the 15th is Good Friday and Passover. When tax day falls on a weekend or holiday it gets pushed to the next business day.
It’s important to point out that even if you are retired you may need to file income taxes. That’s because income is more than just the salary you earn when working. Taxes could be owed on retirement accounts or pensions. Some states even tax Social Security income.
Yahoo! Finance says if you are retired there are four tax forms you need to pay attention to:
Form W-4 — This is the employee’s withholding certificate, but you should review this form even if you are retired and no longer working. Retirees receiving income from Social Security, pension, or retirement accounts may want to increase withholding amounts (or quarterly estimated payments) to avoid an unexpected tax bill.
Form 1099-R — This lists distribution of $10 or more from your retirement, pension or annuity accounts
Form 1099 — This reports income, dividends, and gains and losses
Form 5498 — This one is sent only if you made contributions or rolled funds into a traditional, Roth, SEP, or SIMPLE IRA
The Seniors Trust is committed to looking out for the financial wellbeing of older Americans. It wants Congress to enact the Social Security Expansion Act, which will increase monthly Social Security benefit payments, create a strong and long-lasting trust fund, and guarantee every retired worker receives adequate Social Security benefits and a fair Cost-of-Living Adjustment (COLA). You can show your support by signing our petition to Congress.