Do I have to file?

If your income falls below the IRS filing threshold for your age and filing status, you don't need to file a 2012 federal tax return.

But even if you're not required to file, here are 3 good reasons why you may want to file anyway:

·         To get a refund for any taxes withheld from your 2012 wages.

·         To take advantage of the Earned Income Credit (EIC).

·         To take advantage of any other refundable credits like the Additional Child Tax Credit or the American Opportunity college credit.

·         Whether or not you need to file a return depends on your filing status, your age, and your gross income, which may or may not include Social Security benefits.

If your gross income is less than the amount shown below, you're off the hook! You are not required to file a tax return with the IRS.

Filing Status	Age at December 31, 2012	Gross Income
Single	Under 65	$9,750
	65 or older	$11,200
Married Filing Jointly	Under 65 (both)	$19,500
	65 or older (both)	$21,800
	Under 65 (one)	$20,650
Married Filing Separately	Any	$3,800
Head of Household	Under 65	$12,500
	65 or older	$13,950
Qualifying Widow(er)	Under 65	$15,700
	65 or older	$16,850

Exceptions

·         If you can be claimed as a dependent by another taxpayer, the income threshold for filing is generally lower than the chart above. For instance, children and teens who work must file a tax return only if they earn more than $5,800 a year.

·         If you are self-employed and your net earnings (income minus expenses) are more than $400, you need to file and pay self-employment tax. (You won't receive credit toward Social Security benefits if you don’t report and pay this tax.)

·         Special rules apply for dependent children who have investment income.

IRS Circular 230 Disclosure

Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.