If you have a return coming do you have to file?
A "return" is a set of forms, like Form 1040, which you fill out and send to the tax agency.
A "refund" is money that the tax agency sends you if you paid too much tax.
I assume you meant the question to be "If you have a REFUND coming do you have to file?"
The law requires anyone who has gross income over a certain amount to file a return whether or not they owe any additional tax and whether or not they have a refund coming. Someone may have told you that there is no penalty if they owe you money and you don't file. There is no civil penalty if this turns out to be true, but the law establishes certain criminal penalties (including up to a year in jail) that apply if you willfully fail to file a return. These penalties apply even if you have a refund coming. However, it is true that these are only enforced in extraordinary circumstances.
You may be wondering why the heck would they care if I don't want to claim my refund?
The nature of our tax system is that both you and your buddy might be working exactly the same job, exactly the same hours, and get exactly the same pay. You might be owed a refund, but your buddy might owe the taxman several hundred or even several thousand extra dollars.
The tax that's taken out of your pay does not represent the actual amount of tax you owe. It is at best a crude estimate based on the extremely limited amount of information that your employer gets based on what you wrote on your W-4 form (if you even bothered to file one). Your employer has no idea about all of the other factors in your life that determine exactly how much tax you really owe. He doesn't know how much you give to charity, how much tuition you can deduct, whether your parents can claim you as a dependent, whether you sell stuff for a profit on eBay, whether you have a second job or a summer job somewhere else, whether you put money into an IRA, whether you are paying alimony to an ex-wife (or receiving it from an ex-husband), whether you have a handyman gig on the side, whether you are getting a bit of interest from your savings account at the bank, and a million other factors that go into determining how much tax you really owe.
And the IRS doesn't really know whether you are entitled to a refund or you are supposed to be paying them more money. Sure, some of your income is reported on a W-2 or a 1099, but there are a lot of sources of income that are not, but you still have to pay tax on them. And they certainly don't know stuff like how many children you are supporting. So they ask you to fill out a form every year, where you show your calculations to determine how much tax you should owe and you sign a statement under oath that this is an accurate representation of your income and your taxes.
But, seriously, how do you know that you have a refund coming if you haven't filled out your tax forms??? And if you have filled them out to see that you have a refund coming why don't you just send them in and get yourself some money from the government? If you don't need it, there are a lot of charities you could help out. If you don't file, you will not get the refund you have coming to you. (Most state tax forms even have a list of charities that you have your refund sent directly to.)
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Answer . The term for this is called "Amended Returns". Contact your individual state income tax agency for the procedures. For a Federal Return, contact the IRS.
It's just a form for figuring out how much money is owed the government.. Keep in mind that it is a crime to not file your return; a federal offense that can get you a arrest…ed.
First I would point out a common sense thing: Even if you don't HAVE TO file, (or actually especially if you don't have to), you really should. Many benefits are made availabl…e to only those that file...like this years economic stimulus payment, or earned income credits, other things lke refunds of tax you may not even realize was taken, and legal/tax security happens only by filing...so...consider if the IRS says you don't have to file - who do you think that is good for, you or them? Wanna bet...good for them bad for you! . To determine if you need to file a Federal Income Tax return answer the following questions: . Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you?. Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back? . Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year? . Were you self-employed with earnings of more than $400.00? . Did you sell your home? . Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA) ? You may owe tax if you: . Received an early distribution from a qualified plan . Made excess contributions to your IRA or MSA . Were born before July 1, 1936, and you did not take the minimum required distribution from your qualified retirement plan. . Received a distribution in the excess of $160,000 from a qualified retirement plan. . Will you owe social security and Medicare tax on tips you did not report to your employer? . Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer? . Will you be subject to Alternative Minimum Tax (AMT) ? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.) . Will you owe recapture tax ? . Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes? .
In the US there is no specific raffle tax. The income from it, (even say the value of the washing machine you won), is reported on your normal return like any other income. If… it was for over $600, the one paying.giving it to you will provide a 1099 recording it to you and the IRS.
THIS QUESTION HAS BEEN ASKED AND ANSWERED MANY, MANY TIMES AND IS PART OF THE DATABASE. (One is linked here as a "related question").. CORRECTLY USING THE SYSTEM WILL PROVIDE… THE ANSWER WITHOUT ANY DELAY.
Browse: Home / featured, Income Tax Information / efile Start Date 2010 efile Start Date 2010 By Admin on December 12, 2009 . The 2009 e-File start date is January 15, 201…0 . The IRS will start accepting tax returns by e-file on January 15, 2010 for the filing of your 2009 Income Taxes . Don't forget to check out the e-File Refund Cycle Chart for when you will receive your tax refunds. Subscribe to keep up with any changes or delays. http://www.fileyourtaxesnow.com/efile-start-date-2010/
You fill out IRS form 1098 as well as the subsequent required state forms (one for each state where you work, and one for residency if they differ) and mail them into the resp…ective offices (usually located in the state capital). Alternative you can file electronically using programs available from tax preparation companies and online.
A person making a gift that is more than their annual exclusion must file the Form 709 and pay the necessary taxes on the non-exempt gift.
The easiest way to file your tax return online is to do everything online! You can either purchase downloadable software or just sign in to the tax prep companies website.… My favorites for free online tax e-filing are H&R Block and CompleteTax. See "Sources and Related Links" below for links to further information about each.
Simple Common Sense: It really makes no difference since the only time you actually do WANT to file is when the IRS says you don't have to ! They don't do that because… it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so. Federal Taxes are the same throughout the country. State tax laws are specific to each area. Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type ofincome. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income." (Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: . social security tax and Medicare tax on tips or group life insurance, . alternative minimum tax, . tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account, . tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website. Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks). Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever! You can file for free at the www.irs.gov site too! See http://www.irs.gov/pub/irs-pdf/i1040ez.pdf .
Yes you can be sent to jail for not filing a tax return because it is a criminal act. You can't be sent to jail for being unable to pay your tax bill.
Because he receives a salary.
Being a teenager does not exempt anyone from filing tax returns. According to IRS Publication 17, page 4, if a teenager is NOT claimed as a dependent on someone else's retu…rn, then they must file a return if: Â· Your filing status is single and your gross income is at least $9,500 Â· Your filing status is married, filing jointly and your gross income is at least $19,000 Â· Your filing status is married filing separately and your gross income is at least $3,700 Â· Your filing status is "head of household" and your gross income is at least $12,200 Â· Your filing status is "qualifying widow(er) with dependent child" and your gross income is at least $15,300 According IRS Publication 17, page 6, unmarried teenagers who are dependents (for example - their parents claim them as dependents on their own tax return) must file a tax return if any of the following apply: Â· Your unearned income was more than $950. Â· Your earned income was more than $5,800. Â· Your gross income was more than the larger of: Â· $950, or Â· Your earned income (up to $5,500) plus $300. . It's slightly more complicated if you are a married teenager but still claimed as a dependent. In that case, a teenager must file a tax return if any of the following apply: Â· Your unearned income was more than $2,100 Â· Your earned income was more than $6,950 Â· Your gross income was at least $5 and your spouse files a separate return and itemizes deductions. Â· Your gross income was more than the larger of: Â· $2,100 Â· Your earned income (up to $5,500) plus $1,450 .
If you have filed a tax return but you then realize that your return is inaccurate in some way and you wish to correct the inaccuracy, you can file a revised tax return which …would be called an amended tax return.