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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?

Exactly who needs to file a tax return depends on your age, income and filing status.  If you earned more than the amounts depicted in the chart below, you are required to file a federal tax return.

Filing status and age at the end of 2020Income 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.