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New Member
posted Apr 13, 2021 11:06:15 AM

Why should I file taxes?

I made $29,999 last year $10,000 taken through taxes

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3 Replies
Level 15
Apr 13, 2021 11:08:11 AM

Um...because the law requires that you do so; and to qualify for stimulus payments, EITC, and other Federal or State tax credits.

Level 15
Apr 13, 2021 11:13:37 AM

And you need to see if the tax withholding from your pay covers the actual tax due on your income.  So you might get a refund if they took out too much or you will have a Tax Due if you didn't have enough withholding taken out.  The withholding in W2 box 2 is just an estimate.  You only get a refund from W2 box 2.  Boxes 4 & 6 for SS & Medicare are mandatory taxes you don't get back.  

 

Do you need to file a return?
https://ttlc.intuit.com/community/filing-and-paying-taxes/help/do-i-need-to-file-a-federal-return-this-year/00/25546

 

IRS Do I need to file? Interactive tool
https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

 

And see IRS publication 501 Table 1 page 2
https://www.irs.gov/pub/irs-pdf/p501.pdf

 

Level 15
Apr 13, 2021 11:40:13 AM

if you have overpaid your taxes you won't get a refund unless you file.  if you owe and don't pay, the IRS has the power to garnish your wages, levy your bank account and put liens on assets you own