Do You Need to File a Federal Income
Tax Return?
For tax year 2007 only, many taxpayers
who would not normally need to file a
federal income tax return will need to
file one in order to ensure that they
receive an Economic Stimulus Payment
(commonly referred to as "rebate"). If
in 2007 you were not required to file
based on the amount of your income but
the combined amount of your earned
income plus Social Security, Railroad
Retirement benefits and certain benefits
from the Department of Veterans Affairs
is $3,000 or more, you should review the
information on receiving an Economic
Stimulus Payment.
Many people will file a 2007 Federal
income tax return even though the income
on the return was below the filing
requirement. The questions below will
help you determine if you need to file a
Federal Income Tax return or if you need
to stop your withholding so you will not
have to file an unnecessary return in
the future.
The Internal Revenue Service is
providing this information as a part of
our customer service and outreach
efforts to Reduce Taxpayer Burden and
Processing Costs. Changing your
withholding and/or not filing
Unnecessary Returns will save both you
and the government time and money.
Even if you do not have to file a
return, you should file one to get a
refund of any Federal Income Tax
withheld.
To determine if you need to file a
Federal Income Tax return for 2007
answer the following questions:
Occasionally, individuals have one-time
or infrequent financial transactions
that may require them to file a Federal
Income Tax return. Do any of the
following examples apply to you?
Did you have Federal taxes withheld from
your pension and wages for this tax year
and wish to get a refund back?
Are you entitled to the Earned Income
Tax Credit or did you receive Advance
Earned Income Credit for this tax year?
Were you self-employed with earnings of
more than $400.00?
Did you sell your home?
Will you owe any special tax on a
qualified retirement plan (including an
individual retirement account (IRA) or
medical savings account (MSA)? You may
owe tax if you:
Received an early distribution from a
qualified plan
Made excess contributions to your IRA or
MSA
Were born before July 1, 1936, and you
did not take the minimum required
distribution from your qualified
retirement plan.
Received a distribution in the excess of
$160,000 from a qualified retirement
plan.
Will you owe social security and
Medicare tax on tips you did not report
to your employer?
Will you owe uncollected social security
and Medicare or Railroad retirement (RRTA)
tax on tips you reported to your
employer?
Will you be subject to Alternative
Minimum Tax (AMT)? (The tax law gives
special treatment to some kinds of
income and allows special deductions and
credit for some kinds of expenses.)
Will you owe recapture tax?
Are you a church employee with income in
wages of $108.28 or more from a church
or qualified church-controlled
organization that is exempt from
employer social security or Medicare
taxes?
TaxReturnRefunds.com US tax help, AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, H, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, New NH, New NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
All Rights Reserved
