Should i file a tax return

If you are a foreign student, use this reference guide to learn more about the special rules that apply to your U. This includes your liability for Social Security and Medicare taxes. Learn more from the IRS's tax guide for individuals who aren't citizens.

Ask a real person any government-related question for free. They'll get you the answer or let you know where to find it. Filing Tax Returns in the U. Share This Page:. Do you have a question? Talk to a live USA. Even though dealing with taxes can be a real drag, it's probably worth it if you wind up with a much fatter wallet in the end. Note that the IRS won't penalize you for filing a late return if you're getting a refund. If an employer withheld federal income taxes from your paycheck last year, or taxes were withheld from other sources of income in , you might be entitled to a refund if you file a tax return.

If you don't owe any tax — and, therefore, aren't required to file a return — then it only makes sense that any taxes you already paid should be refunded to you. But you won't get that money back if you don't file a form.

Withholding isn't the only way you could have already paid taxes for to Uncle Sam. For instance, if you received income as an independent contractor or were otherwise self-employed, you may have made estimated tax payments last year.

If you filed a tax return, you may have applied your refund from that return to your taxes it's optional. If you paid taxes in advance in one of these two ways, make sure you file a tax return even if your overall income is below the applicable filing threshold amount.

That will allow you to get that money back. If you qualify for the credit, then you definitely want to file a tax return. The credit is "refundable," meaning that if it's worth more than the income tax you owe, the IRS will issue you a refund check for the difference.

With a "nonrefundable" credit, you don't get a refund because the tax you owe isn't reduced below zero. The EITC is the first of several refundable credits that we'll discuss.

So, it's well worth the time it takes to complete a tax form if you qualify for the credit. The income limits to qualify for the EITC are fairly low. Plus, you can use your earned income from to determine the EITC for the tax year if it results in a higher credit amount.

There are many exceptions and other rules, but the IRS has a handy online tool to help you figure out if you're eligible for the credit. For the tax year, parents with children 16 years old or younger may qualify for the child tax credit. And that's per child!

So, like the EITC, you could end up with a nice refund check by filing a return just to claim this credit. Not sure if you qualify for the credit? The IRS has an online tool to help with that. Also note that, if you don't qualify for the child tax credit, you might be able to claim a different tax credit for your dependents.

It's a nonrefundable credit, though. So, it won't trigger a refund if you otherwise don't owe any tax. There are a lot of temporary enhancements to the child tax credit for the tax year. The amounts are higher, more children qualify, it's fully refundable, and the IRS will make advance monthly payments later this year which you can estimate using our Child Tax Credit Calculator.

When Will Monthly Payments Arrive? And Other FAQs. If you didn't get a first- or second-round stimulus check, or you didn't get the full amount, you may be able to get paid now by claiming the recovery rebate credit on your tax return. Those two stimulus checks were actually just advance payments of the credit. So, if you didn't get the money earlier, you should get it now assuming you're eligible. You're generally eligible to claim the recovery rebate credit on your return if, in , you:.

For example, in order for you to take advantage of eligible tax credits , you will have to file a tax return; use any of these free tools and calculators to find out if you do qualify. The free eFile. Again, even if you are not required to file, find reasons below on why you still might want to file.

Your filing requirements to prepare and eFile a federal income tax return by April 18, depend on the following factors: taxable income , filing status, eligible tax credits , and your dependency status.

How much money do I have to make to file taxes? Not so! The eFile. In addition, the taxpayer in question may have one or more qualified dependents or children , regardless of age. Do you need to file taxes as a dependent? If you are a dependent on someone's tax return - for example, if your parents are going to claim you on their taxes - then you file taxes differently if you work or have income.

As a dependent with income, your standard deduction is generally lower. If you work as a dependent and have taxes withheld from your pay - review this on the W-2 you receive at the end of the year - then you will want to file to report this and potentially receive it back as a refund. Parents or guardians do not claim their dependent's income on their tax return. Must I file if I am over 65 with Social Security income? Find tax benefits and information around your Social Security.

You my need to file a return if you have Social Security income along with other income. Not sure if you need to file a return as a student? If you work during school and receive income , even if it isn't a lot, it may be beneficial if you file a return and report your income.

Report the information from a Form W-2 received from working a part-time job or from a form if you were self employed or on contract. Additionally, you may be able to an claim education tax credit which can only be credited if you file. You may be able to find a reason to file a tax return even if you earn less than the standard deduction - find out below.

Tax Tip: File a tax return or tax extension on time if you owe taxes, even if you can't pay the taxes on time. Keep in mind that the late- filing penalties are considerably higher than the penalties for not paying taxes on time. We spare you the time and effort of researching whether you have to file a tax return or not; simply use the free and easy FILEucator to find out now.

Just click and answer a few questions and you will know. Even if you're not required to file a Return, there are reasons you may want to e-file a tax return. Sign In. The minimum income required to e-file or file a tax return for Tax Year depends on your taxable income, eligible credits, age, and filing status during the tax year.

The minimum income levels for the various filing statuses are listed on our standard deduction page. If you make more than the standard deduction for your age and filing status, then you are required to file a tax return.