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Friday, November 22, 2024

Income Tax Changes for Retired Persons

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City of Fairfield issued the following announcement on Feb 18.

Income Tax Changes for Retired Persons

Filing is no longer required for residents who are fully retired and over the age of 65 with no taxable income!

On January 10, 2022 Council adopted legislation adding the language below as 181.091(A)(4) of the Income Tax Ordinance which exempts City of Fairfield residents who are fully retired and over the age of 65 with no taxable income from the City’s mandatory filing requirement after they file a written statement with the Tax Administrator.

(4)  Any resident individual taxpayer who is fully retired, is over the age of 65 years old and has no taxable income as defined in Section 181.02(a)(22) may be exempted from the requirement of filing an annual City income tax return after they file a written statement with the Tax Administrator confirming they have no source of income other than pension, social security, interest or dividends.  If the taxpayer earns taxable income in any year after filing the written statement with the Tax Administrator, the taxpayer shall file an annual City income tax return.

This change will be in effect with the 2021 tax year filings due on April 18, 2022. In February, a retiree notification letter will be sent to all accounts currently identified as retired taxpayers notifying them of the changes.

Original source can be found here.

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