topic Filing taxes in Get your taxes done using TurboTax

Filing taxes

Krisha95 — Fri, 11 Dec 2020 20:43:47 GMT

Okay I recently just started working in September so should I still file taxes this year and I go to school so how much would I get back in

Re: Filing taxes

Critter-3 — Fri, 11 Dec 2020 20:47:28 GMT

Each tax year you file a return either if you are REQUIRED to do so OR if you have a REASON to do so like getting a refund or a form that needs to be filed even if otherwise not required to file.

Take a look at the following TurboTax article to see what your income requirement would be:

Do I need to file a Federal return this year?

Re: Filing taxes

xmasbaby0 — Fri, 11 Dec 2020 23:14:40 GMT

Is this your first job and first tax return?

When you get your W-2 in January--look in box 2. If your employer withheld federal tax then you can file a tax return to seek a refund of that money. If there is state tax in box 17, you can file a state return to seek a state refund. We cannot tell you how much (if anything) you will get back. We do not know how much money you earned or how much tax was withheld from your pay. You will find out when you prepare a tax return. If you are a full-time student under the age of 24 make sure on your own tax return that you say you can be claimed as someone else's dependent.

If you are a student you can very likely use the Free Edition or Free File. Free File becomes available in mid-January.

If you qualify to use it, there is another full-featured free version of the software:

Try Free File:

You qualify if your income was $36,000 or less, or $69,000 or less if active duty military, or if you qualify for Earned Income Credit

https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program

https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-free-file-program

Re: Filing taxes

Opus 17 — Fri, 11 Dec 2020 23:45:46 GMT

If you are single and over age 18, you are required to file a tax return if you have more than $12,400 of taxable income. If you have less income than that, you can still file a return if you want to, and if you have tax withholding, you can file a return to get a refund, since the withholding will probably be more than your tax due.

If your income comes from self-employment, you are required to file if you have net profit of more than $400.

If you are 18 or less and can be claimed as a dependent by your parents, your filing requirement may be lower, especially if you have income from investments.

You can use this tool to check if you need to file.

https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

If you attend college and pay your own tuition and are not your parent's dependent, you might qualify for a small credit, but the size of the credit will depend on how much money you earn from working. We can't really predict anything without knowing all your financial details so the best thing to do may be to start preparing a return and see what happens. If you aren't required to file and won't get any credits, you can stop the process without actually filing.