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Do I Need to File a 2014 Tax Return?

Do I Need to File a 2014 Tax Return?

Are you unsure if you need to file a 2014 return?

Tax season can be a frustrating time of year. Why file a tax return if you’re not required to? Although most are required to file a tax return, there are a select few who fall into the list of those who do not need to file a 2014 tax return.

Once you learn if you need to file a tax return, RapidTax is here to help you through the process!

Filing federal taxes depends on:

  • Age
  • Filing Status
  • Income
  • Dependency status

Who Definitely Needs to File

You will need to file a 2014 tax return if you are;

  • Single and your gross income is $9,076 or more
  • Head of household and your gross income is $12,951 or more
  • Married & filing jointly and your gross income is $18,151 or more
  • Married & filing separately and your gross income is $9,076 or more

You Still May be Required to File

If you think you don’t have to file taxes and you fall in one of the following categories, think again. You will have to file tax return if you:

  • Have a self-employment income
  • Received  MSA or Health Savings Account distributions
  • Owe household employment taxes
  • Owe alternative minimum tax
  • Owe more taxes on a health savings account or retirement plan
  • Must repay the Homebuyer Credit
  • Owe the alternative minimum tax

Even if you don’t have to file a tax return, it may be a good idea to if:

  • Taxes were withheld from your pay. (you will receive a tax refund)
  • You are claiming education credits and want to receive the American Opportunity Credit refund.
  • You qualify and want to receive the Additional Child Tax Credit refund.
  • You qualify and want to receive the Health Coverage Tax Credit refund, you must file.
  • You qualify and want to receive the Adoption Tax Credit.
  • You overpaid estimated tax and want to receive the refund.

If you know you have to file 2014 taxes, you will be able to do so anytime during the tax season with RapidTax! In fact, RapidTax posts the tax application early, allowing you to get a head start on your tax return!

Photo via DonkeyHotey on Flickr

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This entry was posted on Friday, November 8th, 2013 at 2:26 pm and is filed under Tax Tips, Uncategorized.

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