There are several questions embedded within this one, seemingly simple, question. For the 2017 tax year, if you were single and under age 65, you are required to file tax return if your income was $10,400 or more. Married and filing with your spouse, that number jumps to $20,800. However, if you were self-employed, a mere $400 is all you need to make before you are required to file a tax return. If you are over age 65 or blind, the numbers increase depending on your marital status.
My income was only $9,700 – so I don’t have to file? That’s right. But… may be you should. There are many reasons to file a return even if it isn’t required.
· Did you have federal income tax withheld? You probably want to file to get a refund.
· Do you have children? There are several credits to which you may be entitled, such as the child tax credit, the additional child tax credit and the earned income tax credit.
· Are you trying to get a student loan or some other loan? You may need a completed tax return to qualify.
2018 will see some big changes, however. The minimum filing requirement for a single individual will increase to $12,000 in 2018 and for a married couple filing together, $24,000.
If you think you’re getting a refund, it’s important to get your tax return filed. The IRS has a three year window for claiming refunds. For your 2017 tax return, that means you have to file your return no later than three years after April 18th, 2021 or you will no longer be eligible for a refund.
If you aren’t sure if it’s worth your time to file, we'd be happy to provide an evaluation of your particular situation.