Don’t lose money by not filing a tax return. In July, the IRS revealed that it had more than $1.5 billion in unclaimed refunds because 1.4 million people didn’t file their 2016 federal return. The average refund was around $861. Even if you aren’t required to file, prepare a return anyway. With ezTaxReturn’s step-by-step guidance, you can do your federal and state taxes in just 30 minutes.
What are the filing requirements for tax year 2020?
|Filing status and age at the end of 2020||Income required to file|
|Single under 65||$12,400|
|Single age 65 or older||$14,050|
|Married filing jointly, both spouses under 65||$24,800|
|Married filing jointly, one spouse 65 or older||$26,100|
|Married filing jointly, both spouses 65 or older||$27,400|
|Married filing separately, any age||$5|
|Head of household under 65||$18,650|
|Head of household age 65 or older||$20,300|
|Qualifying widow(er) under 65||$24,800|
|Qualifying widow(er) age 65 or older||$26,100|
Here are two reasons to file a tax return even if you don’t have to.
You may qualify for a refundable credit
There are several tax credits which can produce a refund if they reduce your tax liability below zero. You can receive a refundable credit for things like attending college, earning a low income, or having a child. Here are some popular ones you may be able to claim.
- The Earned Income Tax Credit can provide eligible workers with a much-needed financial boost. For tax year 2020, the credit is worth up $6,660, depending on the number of dependents you claim. Those without kids can qualify but the maximum they can receive is $538.
- Parents with children age 16 or younger may be able to claim the Child Tax Credit. It is worth up to $2,000 per child and up to $1,400 is refundable.
- If you’re currently paying for you, your spouse or dependent to attend college, you may be able to claim the American Opportunity Tax Credit. It is worth up to $2,500 per student and up to $1,000 is refundable.
You can get back the taxes that were deducted from your pay
If your employer withheld taxes from your pay, but you didn’t earn enough to file a tax return, you may be able to get your money back. The IRS won’t voluntarily issue you a refund though. You’ll need to file a tax return to get the cash. ezTaxReturn is the fastest and easiest way to do your taxes. Choose direct deposit and you’ll get your money as quick as possible.