Who Should File a 2017 Tax Return?
If you received income during 2017, you may need to file a tax return for 2017. The amount of your income, your filing status, your age and the type of income you received will determine whether you’re required to file. Even if you are not required to file a tax return, you may still want to file. You may get a refund if you’ve had too much federal income tax withheld from your pay or qualify for certain tax credits.
You can find income tax filing requirements on IRS.gov. The instructions for Forms 1040, 1040A or 1040EZ also list filing requirements. The Interactive Tax Assistant tool, also available on the IRS website, is another helpful resource. The ITA tool answers many of your tax law questions including whether you need to file a return.
Even if you’ve determined that you don’t need to file a tax return this year, you may still want to file. Here are five reasons why:
1. Federal Income Tax Withheld. If your employer withheld federal income tax from your pay, if you made estimated tax payments, or if you had a prior year overpayment applied to this year’s tax, you could be due a refund. File a return to claim any excess tax you paid during the year.
2. Earned Income Tax Credit. If you worked but earned less than $53,267.00 last year, you may qualify for EITC. EITC is a refundable tax credit; which means if you qualify you could receive EITC as a tax refund. Families with qualifying children may qualify to get up to $6,269.00. You can’t get the credit unless you file a return and claim it. Use the EITC Assistant to find out if you qualify.
3. Additional Child Tax Credit. If you have at least one qualifying child and you don’t get the full amount of the Child Tax Credit, you may qualify for this additional refundable credit. You must file and use new Schedule 8812, Child Tax Credit, to claim the credit.
4. American Opportunity Credit. If you or someone you support is a student, you might be eligible for this credit. Students in their first four years of post-secondary education may qualify for as much as $2,500 through this partially refundable credit. Even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student. You must file Form 8863, Education Credits, and submit it with your tax return to claim the credit.
Want more information about filing requirements and tax credits? Visit IRS.gov.
Additional IRS Resources:
- Interactive Tax Assistant
- EITC Assistant
- Publication 596, Earned Income Credit
- Schedule 8812, Child Tax Credit
- Publication 972, Child Tax Credit
- Form 8863, Education Credits
- Publication 970, Tax Benefits for Education
- Health Coverage Tax Credit
- Help & Resources
IRS YouTube Videos:
- Do I Have To File a Tax Return? – English | Spanish | ASL
- Education Tax Credits and Deductions – English | Spanish | ASL
Eight Tax-Time Errors to Avoid
If you make a mistake on a tax return, it can take longer to process, which in turn, may delay your client’s refund. Here are eight common errors to avoid… Read More…
Making Federal Tax Payments
If your client needs to make a payment with their tax return this year, the IRS wants you to know about its payment options. Here are 10 important facts to help your client make their tax payment correctly. Read More…
Tips for Taxpayers Who Can’t Pay Their Taxes on Time
If you owe tax with your federal tax return, but can’t afford to pay it all when you file, the IRS wants you to know your options and help you keep interest and penalties to a minimum. Read More…
You can access the Current Tax Tips from the following IRS website:
Links for Federal tax resources:
Links for tax resources for the State of New Mexico:
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