Do You Really Have to File a Federal Tax Return?
So, are you required to file a Federal income tax return? If any of the following apply to you, the answer is yes, you will have to file a tax return.
*The IRS has income guidelines for several categories of filing status;single, married filing jointly, married filing separately, head of household, and qualifying widow(er). Each of these categories is qualified by dependent status;whether can someone else claim you as a dependent or not. If your income meets or exceeds the minimum guidelines, you must file a return. H&R Block defines filing status and gives Federal income guidelines.
*If you were self employed with an earning of $400 or more.
*If you did not report all tips to your employer, you will owe social Security and Medicare taxes.
*If you sold your home, the government wants to know, even though most profits are tax free. TurboTax explains this clearly.
*If you had income of $108.28 from "a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes."
*If you paid more than allowed into a qualified retirement fund or received early payout, you may owe special taxes.
*If you had education expenses and want to claim some of those expenses for tax credits.
Tax laws are complicated and are often written in lawyer-speak. The IRS web site has many informative articles but you have to really search for the information you need.
There are many sites that explain Federal taxes far better than the IRS and the question and answer format makes for clear understanding.
*AARP. formerly The American Association of Retired Person and now just AARP, has a question and answer site with information that applies to everyone and many questions are specifically related to people over the age of 60. If your question isn't already answered, online assistance is available from trained volunteers. This site is easy to navigate and has information that is helpful for questions about pensions and Social Security, all in straightforward English.
*SmartMoney has articles and answers that you didn't even know to ask. SmartMoney offers expert articles about education expenses, who claims the kids after divorce, what to do when a loved one dies and owes taxes,and more.
*H&R Block has tax tips in many categories, as well as a question and answer site with over hundreds of pages of questions by real people and answers from professionals.
*OregonLive.com has a senior IRS tax consultant to answer readers questions.
*The IRS has loads of information, not all easily understandable, and the home page is a good place to start your search. The search box is at the top right of the page and there is a link to pages in Spanish.
Filing a Federal income tax return is pretty much a fact of life for most of us. If you don't have to file, good for you. But remember, if you paid or overpaid any taxes, you will need to file a return to get a refund.
Sources:
http://www.hrblock.com/taxes/tax_tips/tax_planning/doyoufile.html#3
http://www.hrblock.com/taxes/tax_tips/all_tax_tips.html
http://www.irs.gov/individuals/index.html?navmenu=menu1
http://turbotax.intuit.com/tax-tools/tax-tips/home-ownership/5529.html
http://connect.oregonlive.com/user/khowell/index.html
http://www.aarp.org/money/taxaide/taxcounseling/
http://www.smartmoney.com/personal-finance/taxes/?topic=irs
Published by Marjorie Wise
A native Hoosier living in southern Indiana, the mother of one, grandmother of five. When other little girls carried dolls, I had a pencil and a notepad. Life changes our plans but I'm now trying to improve... View profile
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7 Comments
Post a CommentThe way things change, it pays to check the IRS site every year.
Probably wouldn't have guessed that I'd surpass that $400 mark during my first year of writing....but I did, and so off to the tax office I go! In due time, of course....I filed an extension this year ;)
I just this year discovered that all sales tax paid can be claimed when you itemize. wow, i wonder what i have missed over the last years! Great info.
Still asking 40 years later, lol, excellent facts!
It is that time of the year again! My tax preparer has my records, and I'm always hopeful that I am in the plus column! Good advice.
very important topic! Great and easy to understand
We really can't skip ... aw well, maybe I'll get better news tomorrow, lol, well written and very helpful :)