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12 reasons to prepare your federal tax report

12 reasons to prepare your federal tax report



Many people wonder what the minimum amount is owed or the maximum age one must have to whether or not prepare their tax report. This depends on three factors: Total income, marital status and age.

Marital status Age at the end of 2018 Total income

 
Marital status
Age at the end of 2018
Total income
Single
64 or less
$12,000
65 or more
$13,600
Married together
64 or less (both)
$24,000
65 or more
 (one or the other)
$25,300
65 more (both)
$26,600
Married separated
At any age
$5 (Yes, five dollars)
Head of family
64 or less
$18,000
65 or more
$19,600
Widow
64 or less
$24,000
64 or more
$25,300

 

 

 

 

 

 

 

 

 

 

 

12 reasons to prepare your federal tax report

Many people wonder what the minimum amount is owed or the maximum age one must have to whether or not prepare their tax report. This depends on three factors: Total income, marital status and age.

However, sometimes you will have to prepare your taxes and can be big benefits knowing the reasons. Here I present 12 situations to present your federal taxes.

1. If you payed federal taxes on your wages during the year. The only way to claim these taxes is to file a tax report with the IRS.
2. Same as the previous point, if you sent estimated tax payments and paid in excess, you could prepare your taxes to claim a refund.
3. If you qualify for the credit of your dependents based on your income (EITC), we suggest you to prepare your taxes to claim that credit.
4. If you qualify for the reimbursement of the new tax credit for children from the Tax Cuts and Jobs Act (TCJA). Just like the EITC credit, this additional credit means you can receive up to $ 1,400.
5. If you qualify for the credit, Affordable Care Act (ACA) called Obamacare.
6. If you qualify for the medical coverage credit (HCTC). This credit is applied if you pay up to 72.5% in medical insurance, called ACA’s premium tax credit.
7. If you qualify for American opportunity tax credit. $2,500 credit for the first four years of an accredited university or college. $1,000 are reimbursable for those that were qualified.
8. If you have losses of more than $3,000 you can reduce the excess of the first $3,000 in the next few years. But to have this benefit you have to submit your report in the year that the loss happened.
9. If you receive a form 1099-B, in which you show the cost of selling investments.
10. You need to prepare your taxes in the federal states, since the state collects taxes based on the federal tax report.
11. You or your wife receive forms of your distribution on savings in the health account (MSA)?
12. To establish the status of the limitation in the audits. The IRS can only do audits over the last three years. This date begins from the date you file your Form 1040.


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Taxes at the Wheel

Autor

Edic.: 145
Autor: Gustavo Nuñez
Date: 8/2019


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