Can You File Taxes If You Only Worked Two Months Out of a Year?

When it comes to filing taxes, the IRS is more concerned with how much money you made than how many months it took you to make it. If you did n’t work for ​ 12 months of the year ​, you may be wondering how many months do you have to work to file income tax. Filing income taxes or not is pendent upon respective considerations, including your senesce, marital status and whether you ’ re claimed as a dependent on anyone ’ second taxes. After you ’ ve earned a certain total of income for your filing status, careless of how long it took you to do it, then you are required to file taxes with the IRS.

Know Your Filing Status

Filing statuses may seem pretty straightforward, but every year, countless taxpayers file incorrectly. Adding to the confusion, sometimes you may find yourself eligible to file under two unlike file statuses. In this event, the IRS instructs you to file under whichever status affords you the lowest taxes. Your income, age and file condition are the most authoritative factors in determining if you need to file a personal tax return or not. There are five filing statuses that the IRS uses to calculate how you will be taxed : unmarried, pass of family, married filing jointly, married filing individually and qualifying widow/er. Each filing condition has its own criteria and the IRS ’ web site has an interactional tax assistant instrument to help you determine which filing condition is most appropriate for you.

Minimum Income to File Taxes

once you know your file condition, then you will need to use both your old age and income to figure out if you must file taxes on your earnings. You can use synergistic tax assistant tools on the IRS ’ web site to help determine if you need to file for any given tax year. For exemplar, if you are not person ‘s dependent, ​ under the age of 65 ​ and you ‘re using the unmarried file condition, for tax class 2019 ( filed in 2020 ) you must make ​ more than $12,200 ​ before you need to file a union tax return. by and large, this minimum filing doorsill is adjusted per annum for ostentation.

so, if you only worked ​ for two months ​, you need to file taxes if you earned ​ more than $12,200 ​ and you ‘re single. In 2020, an individual using single filing status who is besides ​ under the age of 65 ​ must make ​ more than $12,400 ​ in order to be required to file taxes.

Claiming Credits Without Tax Liability

In the event you check your earned income against minimum income requirements and do not need to file, it may however be worth doing therefore anyhow. If your income falls below the minimum threshold for filing, you should inactive file to see if you qualify for certain refundable tax credits. These tax credits are an bonus for taxpayers to take partially in sealed programs, or the credits are available to help low-to-moderate-income engage earners shoulder the rising costs of exist.

tax credits can be refundable or non-refundable. Refundable tax credits go towards reducing your tax obligation. Once the taxes you owe are ​ reduced to zero ​, you could be eligible for a refund of the remainder. however you can receive a refund only if you file. The IRS will not notify you that you qualify for credits or refunds. These refundable tax credits vary from year to year, and some are national to phase-out limitations. It is best to check the IRS ’ web site, or confer with a qualify tax preparer, to find out which credits are available for the year you plan to file taxes. ​ Read More: ​ How to Calculate Refundable Tax Credits

source :
Category : Finance

Related Posts

How to Calculate Credit Card Interest Rates

interest rates are one of the ways to work out how much it will cost you to use your credit card, along with other charges and fees….

What debt collectors can & cannot do

If you are dealing with a debt collector, you have protections under the law. A debt collector must not mislead, harass, coerce or act unconscionably towards you….

Can You Afford a New Home? How to Determine Your Homebuying Budget

Can You Afford a New Home? How to Determine Your Homebuying Budget As with any major purchase, determining what you can afford before you look for a…

Why Did My Credit Score Drop?

Why Did My Credit Score Go Down When Nothing Changed? sometimes your mark does change based on factors outside of your control, but most times your behavior…

Why Do I Owe Taxes To The IRS & How To Avoid Them

Are you wondering why you owe indeed much in taxes this year ? Want to make certain you never owe a big tax bill – or any…

The 5 reasons why your credit score might suddenly drop

Select ’ s editorial team works independently to review fiscal products and write articles we think our readers will find useful. We earn a perpetration from affiliate…