From Dow Jones & Company, a division of News Corp:

In 2022, Donny quit his job after saving a lot of money. In 2023, he made roughly $13,000 from odd jobs such as working at a nursery and freelancing. As a single person age 61, with a standard deduction of $13,850, Donny asked if he needed to file a tax return. Financial planner Dan Moisand advised that since income is not just earnings from employment, Donny may need to file a return. Income from assets, retirement accounts, or freelance work could cause gross income to exceed the standard deduction, prompting the need to file. Self-employment income may also require filing.

For more information, contact Dan Moisand at Moisand Fitzgerald Tamayo.



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