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, there are a couple reasons to file a tax return. 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 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

The main reason to file a tax return is because 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.

 

 

File your taxes fast and ez in 30 minutes or less.