- Days left
Determining whether or not you must file a federal tax return is pretty simple. It is usually based upon how much money you made, and whether you were over or under age 65. For those under age 65, single filers whose gross income was $8,750 or more must file a tax return, and married filing jointly filers whose gross income was $17,500 or more must file.

What is gross income? Basically all the money you made during the year, including wages, self-employment income, interest income, dividend income, and the like. Social security benefits are generally not included in gross income when determining whether or not you have to file.

There are also some specific situations in which you must file a tax return, even if you do not meet the gross income test above. If you were self-employed and had net income of $400 or more, you must file. You also must file if you received an advance earned income credit payments from your employer throughout 2007. And you must file if you owe taxes on things like money from retirement accounts or recapture of credits.

See the instructions for IRS Form 1040 for more details on whether or not you need to file. Even if you are not required to file a tax return, you still should do so if you have a refund to claim. You will not get your refund unless you actually file a tax return.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Increase your money and finance knowledge from home

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

Advice for Recent College Grads

Prepare yourself for the "real world".

View Course »

TurboTax Articles

Employer Sponsored Health Coverage Explained

The Affordable Care Act, also known as Obamacare, is simpler than some people may give it credit for. The basic rule to remember is that everyone must carry Minimum Essential Coverage (MEC) or pay a penalty. Employers with 50 full-time employees or more are obligated to sponsor plans for their workers to help them meet this requirement.

How to Report RSUs or Stock Grants on Your Tax Return

Restricted stock units (RSUs) and stock grants are often used by companies to reward their employees with an investment in the company rather than with cash. As the name implies, RSUs have rules as to when they can be sold. Stock grants often carry restrictions as well. How your stock grant is delivered to you, and whether or not it is vested, are the key factors when determining tax treatment.

What is a Schedule Q Form?

The Internal Revenue Service (IRS) has two very different forms that go by the name Schedule Q. One of them is for people who participate in certain real estate investments; this is known as a Form 1066 Schedule Q. The other Schedule Q deals with employer benefit plans. It?s not something an individual taxpayer would normally have to deal with, though a small business owner might need it.

Incentive Stock Options

Some employers use Incentive Stock Options (ISOs) as a way to attract and retain employees. While ISOs can offer a valuable opportunity to participate in your company's growth and profits, there are tax implications you should be aware of. We'll help you understand ISOs and fill you in on important timetables that affect your tax liability, so you can optimize the value of your ISOs.

Add a Comment

*0 / 3000 Character Maximum