Do I Need to File a Tax Return?

Do I Need to File a Tax Return?

Do I Need to File a Tax Return?

I am constantly getting asked the question, “Do I have to file a tax return?” In this article I will explain who does and does not need to file an individual tax return. In general, a U.S. citizen or resident will need to file a form 1040 for 2014 if his, her or the joint income exceeds the following gross income (gross income is all the income combined before deductions or expenses) requirements.

1) Single and under 65: $10,150

2) Single and 65 or older: $11,700

3) Married filing jointly, under 65 (both spouses): $20,300

4) Married filing jointly, 65 or older (one spouse): $21,500

5) Married filing jointly, 65 or older (both spouses): $22,700

6) Married filing separately, any age: $3,950

7) Head of household, under 65: $13,050

8) Head of household, 65 or older: $14,600

Unfortunately, I had my first client pass away this year and his wife didn’t know what to do. When a taxpayer dies during the year and the taxpayer met the filing requirements at the date of death, the surviving spouse, executor, administrator, or legal representative must prepare and file a final return. These requirements are as follows:

Qualifying Widow(er) with dependent child, under 65: $16,350

Qualifying widow(er) with dependent child, 65 or older: $17,550

The most common type of individuals who owe money are self-employed individuals. If you are self-employed, you can assume that you have to pay taxes as you are required to file a Form 1040 and Schedule SE if your net earnings were $400 or more during the tax year. If you think you are going to owe money it is imperative you contact us at Wolf Tax to learn your options.