Did you fail to file your tax return this year? You’re not alone. Over 175 million individuals did not file a tax return this year alone. While many of these individuals fall under an exemption, many more simply failed to file for other reasons. Requirements to a tax return is as follows: 

  Under Age 65  65 and Older 
Single  $12,000  $13,600 
Married Filing Jointly  $24,000  $25,300 or 

$26,600 if both are age 65 

Head of Household  $18,000  $19,600 
Married Filing Separately  $5  $5 
Qualifying Widow  $24,000  $25,300 

  

If someone can claim you as a dependent, the eligibility rules change even more.  

 

Single Dependents:  Under Age 65  65 and Older  65 and Older, Blind 
If your unearned income was more than:  $1,050  $2,650  $4,250 
Your earned income was more than:  $12,00  $13,600  $15,200 
Your gross income was more than the larger of either:  $1,050 or your earned income up to $11,650 plus $350.  $2,650 or your earned income up to $11,650 plus $1,950.  $4,250 or your earned income up to $11,650 plus $3,550. 
Married Dependents:  Under Age 65  65 and Older  65 and Older, Blind 
If your unearned income was more than:  $1,050  $2,350  $3,650 
Your earned income was more than:  $12,000  $13,300  $14,600 
Your gross income was more than the larger of either:  $1,050 or your earned income up to $11,650 plus $350.  $2,350 or your earned income up to $11,650 plus $1,650.  $3,650 or your earned income up to $11,650 plus $2,950. 

  

These charts are not all-inclusive; there are many other situations that will require an individual to file a tax return. Some examples are: 

  1. Self-employment earnings of a minimum of $400.  
  1. Owing alternative tax. 
  1. Receiving distributions from an HSA, Medicare MSA, and so forth.  
  1. Making more than $108.28 from a church or church organization. 
  1. Owing taxes on an IRA, HAS, or other tax favored account.  

There are many more tax situations that will require someone to file a tax return not covered here. Even if you chose not to file a tax return or you do not have to file, you may want to consider doing so anyway. If you qualify for any of the tax credits that the IRS offers, you may receive a tax refund. However, you will receive no refund at all if you do not file, even if you are not required to.  

What about those that fail to file even when they are legally required to? If you fail to file for even one year and you are required to do so, the IRS can file for you by using what is called a Substitute for Return. While this may seem like an easy way out of filing, the IRS will file a basic form for you that will likely not provide any form of a tax credit, exemptions, or deductions you may qualify for. This often causes the individual to gain a tax debt. The more years you fail to file, the more a tax debt will grow, and Failure to File penalties and interest will quickly accrue into the thousands of dollars. Any refunds you may be due will be withheld and you may not be qualified for a loan approval for any reason in the future, because copied of recent tax returns are required for gaining a loan approval.  

If you are one of these individuals that, for whatever reason, has failed to file: don’t despair. At Justice Tax, LLC, we specialize in assisting consumers with tax debt resolutions, unfiled tax returns, and more. We offer an absolutely free, zero obligation consultation to discuss with you your tax concern and help work out a plan to resolve it. Give us a call at 888-545-6007 to speak with one of our experienced Senior Tax Consultants, and we will help you gain the peace of mind you deserve.  

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