You May Be Required To File An Income Tax Return

You May Be Required To File An Income Tax Return

You have income exceeding the standard deduction plus your allowable dependent exemptions. For a single individual this amount is currently, $9,350.00. Reference: IRS Information
2. You worked for an employer and received a W-2 showing your earnings. A copy of your W-2 is submitted to the federal government and your state government. It also reveals the amount of taxes withheld by your employer for the year.

3. You worked as an independent contractor and received a form 1099 from the firm who employed you as an independent contractor. This includes consulting work and other services.

4. You may be eligible for earned income credits. If you worked for an employer and did not make enough wages to produce income for federal tax purposes, you may be eligible for an earned income credit and a refund on withheld taxes. Qualification for the earned income credit can also affect subsequent tax withholding.

5. You may have overpaid your withheld taxes or estimated tax and are due a refund. Remember withheld taxes are "your money"! Large amounts of expenses, i.e..medical, charitable, property tax, and interest are just some of the expenses which could offset your income, causing no tax to be paid or resulting in a refund.

6. You have sold or redeemed stocks, bonds, mutual funds or received dividends or capital gains. The brokerage companies sent you another type of form 1099.

7. You are retired and have income from IRA's (individual retirement plans)or pensions.

8. You are a student who worked for an employer, either full time or part time, and have education credits reported to you by your school.

9. You were self-employed.

It's the law!

Sources for more information are:

IRS Forms and Publication
Your financial consultant or tax attorney

The attempt to file a tax return is the responsibility of being a US citizen and failure to do so can result in penalites, fines and even incarceration in extreme cases.

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