The standard deduction for single dependents who are under age 65 and not blind is the greater of:. A dependent's income can be "unearned" when it comes from sources such as dividends and interest. With all the above being said, there are years when you might not be required to file a tax return but may want to.
If you have federal taxes withheld from your paycheck, the only way you can receive a tax refund when too much was withheld is if you file a tax return. Remember, with TurboTax , we'll ask you simple questions about your life and help you fill out all the right tax forms. Whether you have a simple or complex tax situation, we've got you covered. Feel confident doing your own taxes. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest.
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Skip to main content. These states tax all income at the same rate, no matter how much people earn throughout the year. Other states rely on a progressive tax. They, like the federal government, charge higher tax rates for those earning higher incomes. For example, Illinois charges a flat tax rate of 4. Indiana also charges a flat rate, but its rate is just 3.
Connecticut charges a tax rate of 3 — 6. Sitting down to file your taxes might seem intimidating. But you can make the process easier if you collect your important financial and personal information before you start your form. Your basic personal information such as the Social Security number or tax ID number for everyone included on your return and the date of birth for everyone on your return.
This will typically include your numbers and birthdates, of course, but also those of your spouse and dependents. You'll also need your income and investment information.
You'll get this information from various forms that should be sent to you before you file your taxes. Your W-2 form shows how much you earned during the previous year and how much of your earnings was withheld for taxes. Your employer must send you this form by February each year.
You'll also need your bank account information showing how much interest you earned on your savings account. If you made contributions to an IRA, you'll need Form , provided by the financial institution offering your IRA and one that shows how much you contributed during the previous year. Form E is also important. It lists how much interest you paid on student loans. If you have a mortgage, Form shows how much you paid in interest on that loan.
Both forms matter because you might be able to deduct this interest on your taxes. You'll need to report these figures on your tax returns as income. If you received dividend income, you'll need to enter the numbers listed on Form DIV. And if you received any money or benefits from the government, this income will be listed on Form G. This is important because it helps determine how much in income tax you'll pay. You can file as:. Tax deductions are valuable.
You deduct these from your adjustable gross income for the year, meaning they help you lower your taxable income. The more deductions you claim on your tax return, the lower your taxable income and the taxes you'll pay. Just make sure you only claim deductions that you are legally entitled to. The most common deduction is the standard deduction. This is the amount of money that you can deduct from your taxes if you don't itemize other deductions. This means you can deduct that much money from the taxes you owe.
Some situations may require indefinite retention of filed returns. If a tax return contains errors, an amended return should be submitted to correct the discrepancy. Internal Revenue Service. Individual Income Tax Return. Accessed April 21, Return of Partnership Income. Finances With Children. Income Tax. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Taxes Income Tax. What Is a Tax Return? Key Takeaways A tax return is documentation filed with a tax authority that reports income, expenses, and other relevant financial information.
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