Canfield is single,70 years old,and has no dependents.Canfield will not have to file a tax return in 2013 if:
I.his gross income does not exceed $11,500.
II.his only income is $4,000 of self-employment income.

Question

Quizplus · Accepted Answer

According to the IRS guidelines, a single individual who is 65 years or older is not required to file a tax return for 2013 if their gross income is below $11,500. Therefore, statement I is correct. Statement II is incorrect because even though Canfield's self-employment income is below the filing threshold, he still needs to file his tax return to report the income for self-employment taxes.

Canfield Is Single,70 Years Old,and Has No Dependents