Thursday, December 8, 2016

To file taxes what do you need

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What documents are required to file taxes? How much do you have to make to file taxes? What items are needed to file taxes? When is it necessary to file taxes? What you need to file your taxes varies depending on your situation.


However, if you weren’t in college and only received a W- you could skip those items on your tax documents checklist. Depending on your situation, you’ll need a variety of documents for tax preparation. Find out whether you have to file , how to file , where to file , how to get an extension of time to file and more.

If you worked more than one job, you will need a W-from each employer. Decide how you want to file your taxes. The IRS recommends using tax preparation software to e-file for the easiest and most accurate returns. Determine if you are taking the standard deduction or itemizing your return. The new tax law increased the standard deduction but eliminated some other types of deductions.


Have a Dedicated Tax Pro File for You - Do wnload EY Tax Chat and Call it a Year. Use a tax software program or the website of a service like TurboTax or HR Block. Those who don’t earn enough in income aren’t required to by law.


Whether you make the cut depends on your filing status and age. Regardless, you need to file a tax return if your net income for the year (income after self-employment related expenses) was at least $400. There are other reasons you may need to file a tax return even if your income is below the gross income filing requirement, such as receiving the advance premium tax credit on marketplace health plans. Social Security benefits will be considered taxable income. Everything you need to celebrate this time of year.


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If you have a simple return – where you take the standard deduction, have W-income, claim the EITC or child tax credit and have limited interest and dividend income – then you likely qualify for a free simple federal tax return. The minimum income levels for the various filing statuses are listed in the table below. If you earned below the minimum income for your filing status, you may not be required to file a Federal Tax Return. Although most people have their taxable income reported to them — and the IRS — on official tax forms, you are required to report all of your taxable income, even if you don’t receive a form. For example, a company only has to prepare a W-for you if you earned more than $600.


You are required to file a federal income tax return if your income is above a certain level. That level varies quite a bit, depending on your filing status, your age and the kind of income you’re reporting. See the table below for your situation.

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