taxes

Everything You Need to Know About Taxes


Who Needs To File Taxes?

If you are a U.S. citizen or a resident alien, you must file a return if you meet the requirements below:

IF your filing status is...

AND at the end of 2014 you were...

THEN file a return if your gross income was at least...*

single

under 65

$10,150

65 or older

$11,700

head of household

under 65

$13,050

65 or older

$14,600

married, filing jointly

under 65 (both spouses)

$20,300

65 or older (one spouse)

$21,500

65 or older (both spouses)

$22,700

married, filing separately

any age

$3,950

qualifying widow(er) with dependent child

under 65

$16,350

65 or older

$17,550

*This amount is gross income, meaning ALL income that you receive in the form of money, goods, property, and services that is not exempt from tax.

 

If I Don’t Qualify For The Chart Above, Should I Still File?

There are several situations in which it’s a good idea to file a tax return even if you don’t  meet the minimum requirements above. If you fall under one of these categories below, you may be able to get money back if you file a tax return:

  1. You had income tax withheld from your pay.
  2. You made estimated tax payments for the year or had any of your overpayment for last year applied to this year's estimated tax.
  3. You qualify for the earned income credit.
  4. You qualify for the additional child tax credit.
  5. You qualify for the refundable American opportunity education credit

Who Can Be Declared As A Dependant?

Due to the complexities surrounding the qualifications for dependents, the IRS has created an Interactive Tax Assistant (ITA) to help you figure out whether or not someone can be declared as one.  Make sure that before you start the ITA interview, and you have all of the information you will need, including:

-Martial status, relationship to dependent, and amount of support provided to the dependent in question;
-Income information including your adjusted gross income;
-If more than one person contributed monetarily to support the dependent, and the terms of any multiple support agreement you may have.

 

Is There An Age Limit On Claiming My Child As A Dependent?

In order for your child to be eligible to be declared as a dependent, they must be either younger than 19 years old, or be a student and younger than 24 years old. The exceptions to this rule are that at any age, a child that is permanently and totally disabled, or meets the qualifying relative test can be declared a dependent.

 

What Qualifications Must I Meet To File Under ‘Head Of Household’ Status?

To file as head of household, you must: pay more than half of the household expenses, be considered unmarried for the tax year, and have a qualifying child or dependent.

 

What If I Notice A Mistake On My Tax Return After I Have Already Filed?

This largely depends on what type of mistake you have made throughout the filing process. For instance, many mathematical mistakes are caught and corrected by the IRS during the review process, so it’s possible you don’t have to worry about it.

If you forgot to attach a required schedule or form, the IRS will typically contact you and request the missing information. If you did not claim the correct filing status, or your need to change your income, deductions, or credits, you should file an amended return using Form 1040X.

If you’re filing an amended return, make sure that you include copies of any schedules you are changing and/or any Form(s) that you did not include in the original return. The IRS can take up to 16 weeks to process an amended return, so don’t be concerned if it takes a few months for them to update your return.

 

What Is A Split Refund?

A split refund allows you to divide your refund however you would like, and direct deposit the funds into up to three bank different accounts (within the United States).

 

Find more legal resources and articles here

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Revised: Aug. 22, 2018, 12:14 p.m.
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