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Quick Tip. If you are not a full-time student and are not being claimed as a dependent, you may be eligible for a tax credit if you contribute to a retirement plan.
The amount of the credit depends on your filing status and adjusted gross income. However, these numbers are subject to change in future tax years. TurboTax can help you estimate if you'll need to file a tax return and what income will be taxable. If you are at least 65 years old, you get an increase in your standard deduction. You also get an increased standard deduction if:. The largest standard deduction would be for a married couple that are both blind and both over 65 years old.
Having a larger standard deduction can allow you to have more income than someone under age 65 and still not have to file a return. Taxpayers who are claimed as a dependent on someone's tax return are subject to different IRS filing requirements, regardless of whether they are children or adults.
A tax return is necessary when their earned income is more than their standard deduction. The standard deduction for single dependents who are under age 65 and not blind is the greater of:. A dependent's income can be "unearned" when it comes from sources such as dividends and interest. With all the above being said, there are years when you might not be required to file a tax return but may want to.
If you have federal taxes withheld from your paycheck, the only way you can receive a tax refund when too much was withheld is if you file a tax return. Remember, with TurboTax , we'll ask you simple questions about your life and help you fill out all the right tax forms. Whether you have a simple or complex tax situation, we've got you covered.
Feel confident doing your own taxes. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. For Simple Tax Returns Only. Taxable Income vs. Is Social Security Disability Taxable?
Estimate your tax refund and where you stand Get started. If you are required to file federal taxes but fail to do so, you could be on the hook for some expensive penalties. If your income is above the specified thresholds, you are expected to file and pay the necessary taxes to the government.
If you have a substantial tax obligation and do not file, the IRS can contact you. Generally, the IRS will provide clear notification of your obligations and all unpaid taxes will accrue penalties. In some cases, there may be additional considerations for annual tax filings. Below are some of the scenarios that may require a tax filing, even if you are below the threshold. Most individuals will have similar tax scenarios from year to year, which can be helpful in knowing and understanding your tax obligations.
However, some people may experience drastic changes from year to year as a result of a drop in income from a lost job, a marriage, new children, or even a jump in income when moving beyond dependency or higher education.
The IRS provides detailed information each year for every scenario, so the key is staying up to date on the requirements relative to your personal situation. You should also maintain a record of your returns for up to six years. Internal Revenue Service. Senate Democratic Leadership. Income Tax. Finances With Children. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
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