You should know that…
Most people who earn an income must file a Federal income tax return. However, this is not the case for everyone. It depends on your filing status and the amount of income you made during the year. You may or may not be required by law to file a return with the Internal Revenue Service (IRS). But if you are not required to file, it may still be in your best interest to submit a tax return because almost anyone who has dependents can benefit by filing an income tax return.
Note: It is important the you don’t mistakenly forget to submit a tax return to the IRS.
You will need to file a return if any of the following is true:
- As a single filer, your gross income was over $10,000 (as a married couple filing jointly: over $20,000)
- As self-employed, you earned over $400
- You owe taxes due to your retirement account (either from distributions or excess contributions)
- You sold your home during the tax year
If none of the above factors apply to you, know that there are many other circumstances that may require you to file an income tax return. Unsure? You can ask the help of a tax professional for further analysis.
Benefits of Filing a Federal Income Tax Return
- You can be qualified for several tax credits and tax deductions which can help reduce your tax liability or increase your tax refund.
- It can help you on certain scenarios, like applying for a loan or for government benefits, where a copy of your most recent tax return(s) is often required.
- It can prevent you from facing penalties and interest fees owed to the IRS.
File online for free:
TurboTax
MyFreeTaxes
Still confused?
You can have someone help you. Check here to find a free tax preparation site near you to have your taxes done at no cost by an IRS-certified volunteer.
Read: Mailbox Alert! Look for Form 1095-A
For all your inquiries (Medicare, health insurance, life insurance), you can reach Health Plans In Oregon at 503-928-6918 | info@healthplansinoregon.com.
