Editor's Note: This article is part of our 2014 Tax Tips series. Robert Flach is an expert with more than 40 years of experience as a tax professional and also blogs as The Wandering Tax Pro.
NEW YORK (MainStreet) Do you have to file an income tax return this year?
Generally you must file a 2013 federal income tax return Form 1040 or Form 1040A if your gross income exceeds the total of your standard deduction and personal exemption, unless you are filing separately.
This translates to
- $10,000 if filing as Single,
- $20,000 if Married filing a joint return,
- $12,850 if filing as Head of Household, and
- $ 3,900 if Married filing separately
There are special rules for dependents.
The IRS tells us that "Gross income means all income you received in the form of money, goods, property, and services that is not exempt from tax."
If your gross income falls under the filing threshold, you are still required to file a federal income tax return if you are liable for other taxes, such as
- Employment taxes on household employees (Schedule H).
- Self-employment tax (Schedule SE); you must file a tax return if you had net earnings from self-employment (Schedule C, Schedule C-EZ or Form K-1) of at least $400.
- The premature withdrawal 10% penalty tax and other additional taxes on IRAs and qualified retirement plans (Form 5329).
- Repayment of the First-Time Homebuyer Credit (Form 5405).
- Unreported Social Security and Medicare tax on tips you did not report to your employer (Form 4137) or on misclassified wages (Form 8919).
- Uncollected payroll taxes on taxable group-term life insurance provided by a former employer.
Obviously if you had income tax withheld from W-2 or other income, you should file a return to get a refund.