Not everyone has to file a tax return, and whether you need to file depends on your age, filing status, income level, and the source of that income. Here are those numbers from the Draft Form Instructions :. If your gross income exceeds the amount shown in the table above, you must file a federal income tax return.
The IRS defines gross income as all income you receive in the form of money, goods, property and services, including income from outside the U. You can review the full list of situations in which you must file a tax return no matter your income level in Chart C Page 12 of the IRS Form Instructions. For dependents, filing status and age are factors, but so is the type of income received, whether earned or unearned.
To make this election, you have to meet all of the following requirements:. You might not be required to file a tax return in some cases, but it could be beneficial to file one anyway. Here are some situations where that could be the case:. If your employer withheld federal income taxes from your pay or you made estimated tax payments, filing a tax return may allow you to receive some or all of those overpayments back in the form of a tax refund.
Keep in mind, if you regularly file a tax return just to get a refund of the tax your employer withheld, you might want to decrease your withholding.
Refundable tax credits are particularly valuable for low-income taxpayers because they can provide a refund beyond what you paid for the year via withholding or estimated tax payments.
Refundable credits include:. In effect, the IRS could come after you in a decade or more and claim that you should have filed a return. The filing requirements outlined above apply to federal income tax returns, but if you live in a state with a state-level income tax, you may also need to file there.
Janet Berry-Johnson is a CPA who writes about income taxes, small business accounting, and personal finance. She lives in Omaha, Nebraska, where she enjoys cooking, reading, and spending time outdoors with her husband, son, and their rescue dog, Dexter. Select Region.
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Elective Deferrals k Plans U. Basic information to help you determine your gross income. Disclaimer Conclusions are based on information provided by you in response to the questions you answered. Estimated Completion Time: 12 minutes Please Note: After 15 minutes of inactivity, you'll be forced to start over. Page Last Reviewed or Updated: Dec Share Facebook Twitter Linkedin Print.
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