Do retirees need to pay income taxes? A tax expert weighs in

Photo credit: DiMedia via Shutterstock. Article by Nicolas Telep. Seniors Matter – February 16, 2022.

The answer: most likely, yes. But there are exceptions.

With tax day (less than) two months away, retirees and their caretakers may have questions about what forms of income or savings they have to pay taxes on. For some guidance, SeniorsMatter spoke with Agustin Arbulu, a tax attorney, former tax law professor, and president & COO of W Tax Group. […]

Arbulu also said the IRS Schedule C allows seniors to operate their own small businesses as sole proprietorships and put that money directly into an IRA without having it count as income. However, […]

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