Issue Number: IRS Tax Tip 2014-01
Inside This Issue
Who Should
File a 2013 Tax Return?
Do you need to file a federal tax return this year? Perhaps. The amount of
your income, filing status, age and other factors determine if you must
file.Even if you don’t have to file a tax return, there are times when you should. Here are five good reasons why you should file a return, even if you’re not required to do so:
1. Tax Withheld or Paid. Did
your employer withhold federal income tax from your pay? Did you make estimated
tax payments? Did you overpay last year and have it applied to this year’s tax?
If you answered “yes” to any of these questions, you could be due a refund. But
you have to file a tax return to get it.
2. Earned Income Tax Credit. Did
you work and earn less than $51,567 last year? You could receive EITC as a tax
refund if you qualify. Families with qualifying children may be eligible for up
to $6,044. Use the EITC
Assistant tool on IRS.gov to find out if you qualify. If you do, file a tax
return and claim it.
3. Additional Child Tax Credit.
Do you have at least one child that qualifies for the Child Tax Credit? If you
don’t get the full credit amount, you may qualify for the Additional Child Tax
Credit. To claim it, you need to file Schedule
8812, Child Tax Credit, with your tax return.
4. American Opportunity Credit.
Are you a student or do you support a student? If so, you may be eligible for
this credit. Students in their first four years of higher education may qualify
for as much as $2,500. Even those who owe no tax may get up to $1,000 of the
credit refunded per eligible student. You must file Form
8863, Education Credits, with your tax return to claim this credit.
5. Health Coverage Tax Credit.
Did you receive Trade Adjustment Assistance, Reemployment Trade Adjustment
Assistance, Alternative Trade Adjustment Assistance or pension benefit payments
from the Pension Benefit Guaranty Corporation? If so, you may qualify for the
Health Coverage Tax Credit. The HCTC helps make health insurance more affordable
for you and your family. This credit pays 72.5 percent of qualified health
insurance premiums. Visit IRS.gov for more
on this credit.
To sum it all up, check to see if you would benefit from filing a federal tax
return. You may qualify for a tax refund even if you don’t have to file. And
remember, if you do qualify for a refund, you must file a return to claim
it.The instructions for Forms 1040, 1040A or 1040EZ list income tax filing requirements. You can also use the Interactive Tax Assistant tool on IRS.gov to see if you need to file. The tool is available 24/7 to answer many tax questions.
Additional IRS Resources:
- Publication 596, Earned Income Credit
- Publication 972, Child Tax Credit
- Publication 970, Tax Benefits for Education
- Health Coverage Tax Credit
