All taxpayers will need the following to do their taxes. Parents and caregivers should gather this information as they review what they need to file their taxes. For example, you will only receive the investment forms you may need to file your taxes if you had distributions or other activity. The types of deductions you can take depend a lot on your life situation.
At Block, what you see is what you get. No surprises. No hidden fees. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. For Simple Tax Returns Only. Taxable Income vs. Is Social Security Disability Taxable? Estimate your tax refund and where you stand Get started. See if you qualify for a third stimulus check and how much you can expect Get started. Easily calculate your tax rate to make smart financial decisions Get started. Estimate your self-employment tax and eliminate any surprises Get started.
Know what dependents credits and deductions you can claim Get started. Know what tax documents you'll need upfront Get started. Learn what education credits and deductions you qualify for and claim them on your tax return Get started. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice.
Skip To Main Content. When Social Security benefits may be taxable When determining whether you need to file a return and you receive Social Security benefits, you need to consider tax-exempt income because it can cause your benefits to be taxable even if you don't have any other taxable income. To figure out if your Social Security benefits are taxable: Add one-half of the Social Security income to all other income, including tax-exempt interest.
Then compare that amount to the base amount for your filing status. If the total is more than the base amount, some of your benefits may be taxable. Income thresholds for taxpayers 65 and older are higher If you are at least 65 years old, you get an increase in your standard deduction. You also get an increased standard deduction if: You are blind Or your spouse is also at least 65 Or if your spouse is blind The largest standard deduction would be for a married couple that are both blind and both over 65 years old.
These include hiring a maid, gardener, babysitter, or other person who performs work in or around a private residence of yours.
This does not include independent contractors, like plumbers or repairmen. Fully or partially refundable tax credits are dollar amounts that may be owed to you even if you do not owe tax. In other words, you need to file a return to claim them.
The following tax credits are refundable, some of which do not require earned income to file: Earned Income Tax Credit requires earned income : If you qualify, you must file a return to receive the full amount; see if you qualify by using this free EITCucator.
Child Tax Credit no earned income requirement : As part of the third stimulus package , the Child Tax Credit or CTC is fully refundable and you must file to receive the full amount.
See details on the advance payments of the CTC. American Opportunity Credit no earned income requirement : This credit is partially refundable and can only be claimed by filing a tax return.
See education information and taxes. Recovery Rebate Credit or stimulus payments no earned income requirement : Claim any missing advance stimulus payments by filing a tax return. The third stimulus payment can be claimed on the Return - eFileIT - and the first and second payments can only be claimed by filing back taxes for You may owe additional taxes on a retirement plan , such as an individual retirement arrangement, IRA, K, or other tax-favored account.
You will need to file a return to claim the Saver's Credit. Read these pages to learn more about your specific situation if you made retirement plan contributions to or taxable distributions from an account. The eFile App will determine which you will be subject to.
You must repay the Home-buyer Credit or any other recapture taxes by filing a return. You may owe Social Security tax if you have other sources of income - see page for details. Medicare taxes may also be owed.
This goes for unreported tip income; report any tip income to your employer so they can withhold Social Security, retirement, Medicare, etc. No deductions for trade or business expenses are allowed against this self-employment income. These are detailed on this page, which shows how to report and file these distributions and other information.
If you received advance payments of the Premium Tax Credit , you will have to file a return in order to receive the full credit or pay it partially back if you received too much. This credit is refundable if you did not claim your full amount in advance and will need to be claimed on a tax return. If you had taxes withheld from your pay , you must file a tax return to receive this money back as a tax refund if you had withheld too much.
See how to balance your tax withholding via Form W If you qualify, you must file to claim the refundable Health Coverage Tax Credit. If you adopted a qualifying child, you must file to claim the Adoption Tax Credit. Though nonrefundable, this credit can lower your taxes. See the page to find how to claim it. Join Taxesfaction!
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