Tax Return admin on 21 Jun 2007 02:08 pm
Do I Need To File A Tax Return?
The most commonly asked question I receive during tax season from random callers is, “Do I Need to File a Tax Return?”. Random callers assume this is a quick and easy question that should be answered fast and free.
Any answer to any tax question that you have, which you have received “fast and free” should be taken with a grain of salt.
However, this year my answer will be fast and free - if you want to receive your telephone tax refund, you need to file a tax return.
Why is it not that simple for everyone else or any other year? Well, for 2006, the IRS requires you to file a tax return if any of the below 20 statements apply to you and/or your situation:
Single taxpayer, under age 65, gross income at least $8,450
Single taxpayer, 65 or older, gross income at least $9,700
Married taxpayer, filing jointly, both under age 65, gross income at least $16,900
Married taxpayer, filing jointly, one taxpayer under age 65, gross income at least $17,900
Married taxpayer, filing jointly, both taxpayers at least 65, gross income at least $18,900
Married taxpayer, not living with spouse at the end of the year, gross income at least $3,300
Married taxpayer, filing separately, gross income at least $3,300
Head of household, under age 65, gross income at least $10,850
Head of household, at least 65, gross income at least $12,100Qualifying widow or widower, under age of 65, with a dependent child, gross income at least $13,600
Qualifying widow or widower, at least 65, with a dependent child, gross income at least $14,600
Dependent, unearned income greater than $850 Dependent, earned income greater than $5,150
If you owe FICA or Medicare taxes on unreported tips or other reported income that was not collected
If you owe Alternative Minimum Tax (AMT)
If you owe taxes on individual retirement accounts, Archer MSA accounts or an employer-sponsored retirement plan
If you received advance mpayments for the earned income credit (EIC) from your employer
If you have net earnings from self-employment of at least $400
If you are an employee of a church or qualified church-controlled organization that is exempt from employer-paid FICA and Medicare taxes
If you would like to receive your refund for overpaying your Federal Excise Taxes on your telephone
In order for you to determine if any of the above applies, you may need to know your proper filing status, dependent status, gross income, unearned income, earned income, taxes due and not paid, etc. These are all tax terms and very rarely can a tax term be easily explained.
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