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Old 02-13-2008, 10:41 AM
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Do You Need to File a Federal Income Tax Return?

Sometimes individuals have a one-time transactions that would require them to file a Federal Income Tax return.

To find out whether or not you are required to file a federal income tax return, the individual should review the following questions below to determine if any of the situations apply ?

1. Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?

2. Are you entitled to the Earned Income Tax Credit?

3. Did you receive Advance Earned Income Credit for this tax year?

4. Were you self-employed with earnings of more than $400.00?

5. Did you sell your home?

6. Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)?

7. You may owe tax if you received an early distribution from a qualified plan.

8. You may owe tax if you made excess contributions to your IRA or MSA.

9. You may owe tax if you were born before July 1, 1936, and you did not take the minimum required distribution from your qualified retirement plan.

10. Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer?

11.Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.)

12. Will you owe recapture tax?

13. Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?

By answering Yes, to any of the above questions, you are more likely to be required to file a tax return, and even if you are not required to file, it might be prudent to file a tax return in order to get a refund of any Federal Income Tax withheld.

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Ask TaxGuru Please refer to the legal disclaimer.

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