A 70 year old can earn as much as $14,250.00 per year before they are required to file and pay taxes on the income.
Those who are 65 years of age and older can earn up to $14,250.00 per year before they are required to file income tax.
A 70 year old does have to file taxes if they are working and are earning an income.
No matter your age as long as you're working and earning money and are not just on SSI or Disability payments then you must file taxes on your earned income.
If however you're not working then you don't have to file taxes if you only get SSI or Disability payments.
Typically unmarried seniors will typically need to file a return if: you are at least 65 years of age, and. your gross income is $14,250 or more.
If your gross income is less than the amount shown below, you're off the hook! You are not required to file a tax return with the IRS.
But remember, if Federal taxes were withheld from your earnings, you'll want to file a tax return to get any withholdings back.
Failure to file taxes when required can result in penalties in a 5 percent penalty each month on any unpaid taxes, capping at 25 percent.
Here is how it breaks down: First month: 5 percent of tax liability.
Second month: 5 percent of tax liability, plus a penalty of $210 or 100 percent of your tax liability, whichever is less.