Which income tax form do i use?
Since this is my first year to file an income tax since retired, what is the difference between an active employee compared to a retired employee and filing my income tax? only income last year was from social security and my government pension. can i still use deductions as usual? which form do i use and can i use Torbo Tax? this is a first for me.
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I’m trying to recreate this from memory, so take everything with the caveat that you should run it past a tax accountant!
Yes, you can use Turbo Tax. I believe that unless you have a very complicated return, you should be able to do it yourself. (My husband had a stock thing happen when his company was bought. That was the year I stopped doing our taxes!)
Itemizing your deductions instead of taking the standard deduction will depend the dollar amount of the deductions you have. (And your income? I don’t remember.)
I suggest that you go to the Post Office and pick up the instruction books for the 1040 and 1040A. Read through them and see if you can use the easier one! My guess is that you can at least use the one you used last year, but certainly read through the information first.
Here’s what my friend the accountant says:
There is no real difference, the same forms are used and the same deductions apply except that there would not be any employee business expenses once he is retired (if he had these before). There would be differences in income with salary being replaced with pension and retirement income. Hope this heklps.
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