To file a Federal Tax return or not depends on your filing status, gross income and age. Tax filing software like TurboTax can be a great help. Your filing status means whether you are filing as being single, married filing jointly or separately, head of household or qualifying widow(er) with dependent children. In reference to age, you are either under 65 or you are 65 and older.
Your income consideration takes gross income to mean any earnings in the form of cash, property, goods and services that are not specifically excluded from taxation. If you earned less then $9350 and you are younger than 65 then you don't have to file a federal tax form. For 65 years and older, you can earn up to $10,750 before having to file.
The form 1040 comes in three types for federal taxes. The 1040EZ form is as its name implies the simplest of forms. In general this form is used for individuals or married couples under the age of 65, with no dependents, having less than $100,000 taxable income, and not claiming any gross income adjustments or credits.
1040A form is the second of the three federal income tax forms. Again it's for taxable income below $100,000 and for those not itemizing deductions. There are a greater number of income sources as well as income adjustments and tax credits that can be factored in on this form. Use this form, for instance, when you have dividend income, jury duty pay, education credits or child and dependent care credits.
Then there is the form 1040 which is used basically if you don't qualify for the 1040EZ or the 1040A. If your income is over $100,000, you itemize deductions, or you're involved in a bankruptcy Chapter 11 then use this long form.
For help in clarifying your federal tax filing issues, please click on the TurboTax graphic and take advantage of the resources available at their website.
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