Question about filing taxes this year

Jessica4Bama

Hall of Fame
Nov 7, 2009
7,307
12
57
Alabama
As you may know I’m in school and I quit my job to focus on school. Will I need to file taxes for this year? I have a small amount of interest income from my savings/checking account as well as my other investment accounts through Morgan Stanley, but that will be it. The only other thing I could think of would be the taxable amount from last year’s tax returns that I usually have to count. I also had questions about filing because I get some education credits. I don’t know if it would do any good for that reason alone.

I, of course, don’t want to get in trouble or anything and I’m not sure the laws in Alabama. I tried google but you never know if that info is correct. I figured we have some on here that could help me more.
 
Last edited:

twofbyc

Hall of Fame
Oct 14, 2009
12,195
3,329
187
As you may know I’m in school and I quit my job to focus on school. Will I need to file taxes for this year? I have a small amount of interest income from my savings/checking account as well as my other investment accounts through Morgan Stanley, but that will be it. The only other thing I could think of would be the taxable amount from last year’s tax returns that I usually have to count. I also had questions about filing because I get some education credits. I don’t know if it would do any good for that reason alone.

I, of course, don’t want to get in trouble or anything and I’m not sure the laws in Alabama. I tried google but you never know if that info is correct. I figured we have some on here that could help me more.
You might be entitled to credits that may give you money back. It all depends on the amount of income (and kind of income), number of dependents and filing status, to start with.
There is free tax software out there, but many make you let them file your return (and charge a nominal fee for filing); some will let you print it out and mail it, not charging you in the process.


Sent from my iPhone using Tapatalk
 

Jessica4Bama

Hall of Fame
Nov 7, 2009
7,307
12
57
Alabama
I always use the HR Block free version, so I may just enter everything and see what happens with getting money back. My interest income won’t be too much, so I don’t figure to get any money back but you never know.
 

twofbyc

Hall of Fame
Oct 14, 2009
12,195
3,329
187
Standard deduction is now $12000.
Single filing status with only one dependent, again, it depends on the amount of income above that. With more than one dependent, that deduction goes up that amount for each one.
Earned income credit and education credits can all, potentially, factor into getting a refund.
I will say I get a refund from the state every year but I’ve had to pay the Treasury a lot more every year, too; so you’re right, just put in the numbers and see what happens.


Sent from my iPhone using Tapatalk
 

twofbyc

Hall of Fame
Oct 14, 2009
12,195
3,329
187
So if I punch in the numbers and I don’t get a refund do I still need to file or will it matter if I do?
If the government owes you money, they’re not going to come after you to give it to you.
If you owe them money, they will come after you (eventually).
If it’s a “zero” tax liability (I’ve never seen that and don’t know how it would happen because it means you either paid the exact amount of tax you owed - improbable - or you didn’t even owe any at all and had none withheld from any income), I don’t think you have to file, but...
Again, without knowing specifics, I couldn’t say 100% but if you don’t owe the government any money, I don’t think there’s much risk for not filing as long as there are no carryovers and such.
If you owe them, file; if they owe you, file. If you had any taxes withheld from any income, or any 1099, file.
Probably little to no risk for not filing if your answers to the previous paragraph are all no’s; me, I don’t want the Evil Eye of the Dark Lord to ever turn my way for any reason.
Unless you have a lot of debt in your name; they know you have to live and pay bills. In that case, file.


Sent from my iPhone using Tapatalk
 

UAEE93

BamaNation Citizen
Feb 14, 2008
36
0
25


For 2018, all taxpayers are eligible to claim a standard deduction, and if not the dependent of another taxpayer. The standard tax deduction amounts are fixed by the government before the tax filing season and generally increase for inflation each year.Your income that is equal to or less than the standard deduction is not taxable, the IRS doesn't require you to file a return in years your income doesn't exceed that sum. When determining whether you need to file a return, you don't include tax-exempt income. In 2018 for example, if you are under age 65 and single, you must file a tax return if you earn $12,000 or more, which is the 2018 standard deduction for a single taxpayer.

Income thresholds for taxpayers 65 and older

If you are at least 65 years old and receive Social Security income during the year, you are subject to the same filing requirements as any other taxpayer. However, you can generally receive more income during the year than other taxpayers before having to file a tax return. An exception is if you are married but file a separate tax return from your spouse who you lived with during the year. In this case, you must include your Social Security income when evaluating whether your gross income exceeds the standard deduction plus one exemption. In addition, if the IRS requires you to pay tax on a portion of your Social Security income because your other income is too high, then you must include that taxable portion in your calculation as well, regardless of your filing or marital status.

Dependent tax filings

All taxpayers who are claimed as a dependent on someone's tax return are subject to different IRS filing requirements, regardless of whether they are children or adults. A tax return is necessary when their earned income is more than their standard deduction. However, the threshold decreases to income greater of $1,050 or the sum of $350 and the person's earned income. A dependent's income is unearned, when it comes form sources such as dividends and interest.

Claiming tax refunds

There are years when you are not required to file a tax return but may want to. If you have federal taxes withheld from your paycheck, the only way you can receive a refund when excessive amounts are withheld is if you file a tax return. For example, if you are a single taxpayer who earns $2,500 during the year, with $300 withheld for federal tax, then you are entitled to a refund for the entire $300 since you earned less than the standard deduction plus one exemption. The IRS does not automatically issue refunds without a tax return being filed.

https://turbotax.intuit.com/tax-tip...e-need-to-file-an-income-tax-return/L7pluHkoW
 
Last edited:

Crimson1967

Hall of Fame
Nov 22, 2011
18,735
9,919
187
Not a lawyer or an accountant, but I think filing a return can’t hurt, even if you don’t get anything back. The last thing you want when you run for president is the media asking why you didn’t file in 2018.


Sent from my iPhone using Tapatalk
 

New Posts

Latest threads

TideFans.shop : 2024 Madness!

TideFans.shop - Get YOUR Bama Gear HERE!”></a>
<br />

<!--/ END TideFans.shop & item link \-->
<p style= Purchases made through our TideFans.shop and Amazon.com links may result in a commission being paid to TideFans.