Not required to file a tax return?
If your annual income falls below a certain level—determined by your filing status, age and the type of income you receive—you may not be required to file a tax return with the IRS. However, in some cases, skipping out on filing could mean missing out on rewarding tax credits and refunds.
Here are six ways filing a tax return could actually help you get more in return, even if you’re not required to do so:
1. You have federal tax dollars coming your way. If you had federal income tax withheld from your pay, made estimated tax payments, or had an overpayment from a previous tax year, you should file to get the refund you are owed.
2. You had earned income from work. Depending on your qualification status, you could get up to $5,666 back through the Earned Income Tax Credit or between $400 (for individuals) and $800 (for married couples filing jointly) for the Making Work Pay Credit. You may qualify for both credits.
3. You did not qualify for the full Child Tax Credit amount. If you are limited in the amount you can claim for the Child Tax Credit due to a low tax liability, you may still be eligible for up to $1,000 per qualifying child by claiming the Additional Child Tax Credit.
4. You have higher education expenses. The American Opportunity Credit could allow you up to $2,500 in post-secondary education expenses for each eligible student, and $1,000 of that is refundable.
5. You bought a home as your primary residence in 2010. If you entered into a binding contract on or before April 30, 2010 and closed on your home by September 30, 2010 you could qualify for a credit of up to $8,000 through the First-Time Homebuyer Credit. Even if you are not a first-time buyer, you still may be able to claim a $6,500 credit.
6. You qualify for the Health Coverage Tax Credit (HCTC). If you meet eligibility requirements for the HCTC, you may be able to claim a credit to cover 80 percent of your health insurance premiums.
- To determine if you are required to file a tax return this year, use the Interactive Tax Assistant on the IRS website.
- Find additional information on these and other refundable tax credits on H&R Block’s Tax Tips section.
- Go online to ask the H&R Block Tax Professionals all your tax questions at the Get It RightSM Community.
Find out everything you need to know about these tax tips and all your other tax needs at hrblock.com.