Thursday, January 22, 2015

New Possible Reason to File a Return

With the filing season just getting off to a full swing, I thought I'd review the reasons you need to file a return.  They are:

  1. The amount of your total income, and the filing status for your age
  2. If you had taxes withheld during the year, or if you paid estimated tax payments, you will need to file in order to claim a refund
  3. If you worked and earned less than $52,427 you may be eligible to claim the Earned Income Tax Credit
  4. If you have children under the age of 13, you might qualify for the Additional Child Tax Credit
  5. If you or your dependent were a student at a post secondary educational institution for at least half time (for a minimum of 1 academic period) you may qualify for the American Opportunity Credit which can be up to $2,500
and New for 2014

If you purchased health insurance through the Health Insurance Marketplace in 2014 and chose to have advance payments of the premium tax credit sent directly to your insurer, you must file a federal tax return.

In order to file, you must first receive Form 1095-A which is supposed to be mailed to you by January 31.

Additional resources can be found at for:

  • The Premium Tax Credit
  • Form 8962 Premium Tax Credit (PTC)
  • Publication 5187, Health Care Law
  • Schedule 8812 (Form 1040A or 1040) Child Tax Credit
  • Form 8863 Education Credits
  • Publication 596, Earned Income Credit
  • Publication 972, Child Tax Credit
  • Publication 970, Tax Benefits for Education
IRS YouTube Videos & Podcasts are available for:

  • Do I have to File a Tax Return?
  • Premium Tax Credit
  • Education Tax Credits
I expect this may be a frustrating tax filing season. Please allow plenty of time for preparation, but don't put off filing until the last minute. Doing so increases the odds of scamers filing early using your social security number and claiming your refund.

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