Does Everyone Have To File A Tax Return?
Many people believe that they have to file an income tax return regardless of how much money they make. The only people who get exempted from this requirement are people who are under eighteen years of age or those on disability or whose income comes largely from social security retirement. Young people without jobs are also exempted from filing tax returns as well.
The federal income guidelines mean that some people do not need to file a tax return if they do not earn enough money. A person may still qualify for a tax return. If he wants to receive money back from the federal government, he must file a tax return.
What Income Levels Do Not Have to File a Tax Return?
A single person under the age of 65 does not have to file a tax return if he makes under $8,450. The amount goes up to $9,750 dollars. A person filing as head of household finds this limit increased to $10,000, or $12,000 if he is over 65.
Married couples can make more before they need to file a tax return. The upper income limit is double the amounts listed above. Whether a couple is more or less than 65 years of age also makes a difference.
Should I File a Tax Return Anyway?
A person or a couple that finds themselves in the situation of not needing to find a tax return and that is not expecting a return check may still decide to file a tax return for reasons of civic duty. Self-employed individuals operate under different rules and must file a tax return if their business earns more than a $400 profit in a year. Social security and Medicare taxes not paid to an employer also necessitate that a person file a tax return.
- Who Needs To File A Tax Return?
- How Do I File My Tax Return If I Did Not Get My W2?
- Can I File My Government Tax Return Myself?
- How Do I File An Old Tax Return?
- Should We File Our Tax Return Together Or Separately?