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Level 1
posted Feb 24, 2021 9:10:28 AM

Should I file a tax return if I only paid 74 dollars in federal taxes and only made 4000 for 2020?

0 1 350
1 Best answer
Expert Alumni
Feb 24, 2021 9:28:18 AM

Yes. If you're not required to file a return this year, file one anyway if you want to recover 2020 federal and state tax withheld from your paychecks

 

Yes, if you're required to file an income tax return. See Do I need to file my own taxes if I'm a dependent?

 

You may be able to use one of our free products. 

The IRS Free File Program delivered by TurboTax is geared towards lower-income filers, regardless of tax return complexity, and is only offered through the IRS Free File Alliance (FFA) program. No upgrades are available.

 

TurboTax Free Edition, on the other hand, can be used by higher-income filers but only handles simple returns with no additional schedules.  Upgrades and add-ons, such as TurboTax PLUS and Audit Defense, are available.

 

Simple tax situations covered in TurboTax Free Edition:

  • W-2 income,
  • Unemployment income. If your taxable income (including your unemployment income plus any other sources of income) exceeds the filing thresholds for federal (and most states') returns, at least some of your unemployment income can be taxed. 
  • Limited interest and dividend income reported on a 1099-INT or 1099-DIV
  • Claiming the standard deduction
  • Earned Income Tax Credit (EIC)
  • Child tax credits. To qualify for the Child Tax Credit, your child must fit all of the requirements. Click here for the requirements. 

Situations not covered in TurboTax Free Edition include:

  • Itemized deductions
  • Business or 1099-MISC income
  • Stock sales
  • Rental property income
  • Credits, deductions, and income reported on schedules 1–3, such as the Student Loan Interest Deduction

1 Replies
Expert Alumni
Feb 24, 2021 9:28:18 AM

Yes. If you're not required to file a return this year, file one anyway if you want to recover 2020 federal and state tax withheld from your paychecks

 

Yes, if you're required to file an income tax return. See Do I need to file my own taxes if I'm a dependent?

 

You may be able to use one of our free products. 

The IRS Free File Program delivered by TurboTax is geared towards lower-income filers, regardless of tax return complexity, and is only offered through the IRS Free File Alliance (FFA) program. No upgrades are available.

 

TurboTax Free Edition, on the other hand, can be used by higher-income filers but only handles simple returns with no additional schedules.  Upgrades and add-ons, such as TurboTax PLUS and Audit Defense, are available.

 

Simple tax situations covered in TurboTax Free Edition:

  • W-2 income,
  • Unemployment income. If your taxable income (including your unemployment income plus any other sources of income) exceeds the filing thresholds for federal (and most states') returns, at least some of your unemployment income can be taxed. 
  • Limited interest and dividend income reported on a 1099-INT or 1099-DIV
  • Claiming the standard deduction
  • Earned Income Tax Credit (EIC)
  • Child tax credits. To qualify for the Child Tax Credit, your child must fit all of the requirements. Click here for the requirements. 

Situations not covered in TurboTax Free Edition include:

  • Itemized deductions
  • Business or 1099-MISC income
  • Stock sales
  • Rental property income
  • Credits, deductions, and income reported on schedules 1–3, such as the Student Loan Interest Deduction