You are NOT Required to File a Tax Return in These Situations
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- Опубліковано 20 вер 2024
- Do I need to file a tax return? Do I need to file taxes? This is a common question that our clients ask us. If you are asking the question of do I need to do a tax return, then you've come to the right video.
In this video, we discuss minimum income to file taxes. This is very relevant for students, perhaps you are a student and asking do students have to file a a tax return?
Perhaps you just want to know how much do you have to make to file taxes. I hope this video helps clarify who is required to file a tax return. It is also very commonly asked by a parent does my child need to file a tax return. Does my kid have to file taxes? Yes, we cover that topic too.
We help you navigate the tax rules of the IRS and your filing requirements based on your income and your standard deduction. Your standard deduction is usually what determines whether you need to file a tax return or not. However, it is always depending upon your unique situation. There are special rules for self-employed individuals subject to self-employment taxes. These are the sole proprietors subject to sole proprietorship taxes. The rules are different for these people compared to taxpayers that are earning taxable income on a W-2, which is employee wage income.
If you are not filing taxes then we hope you watch this video to make sure you qualify to be a person not filing taxes with the IRS for your federal income taxes.
ClearValue Tax and affiliates and related parties do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
For more information, check out our helpful website: clearvaluefinance.com/
Hey Brian, My kid got Covid-19 relief of less than $12,200 and received a 1099G. The IRS had me file, for the child a form 8615, along with a regular 1040 and because I claimed them as a dependent and received EIC, I had to pay $1,130 in taxes on their $12,195 in gross income. Is this correct or did the tax service I used screw-up???
I have no income and stock losses in my regular account , however I have gotten dividends from stocks but under 1000 dollars do I need to file a return thanks
I filed 2021 taxes , but not filed
Hi... I only made $ 7,015.00 for 2022 taxes no kids can I do any taxes
@@ultra100able hi I need answers can do my taxes for 2022 I only made 7,000 . I have 2 kids also
You have no idea how important this info is to so many ppl❤
i'm waiting on this years taxes because theyre saying i didnt file last year... i'm under 65 and made less than 9,000. i coulld get money back, but its not enough for me to care about and go through the hassle for. i think i even checked and i'd wind up losing money if i did it through one of the companies that charge to
You just got rid of my headache. TYVM.
Thanks. Very helpful as tax headaches approach before we know it !!! Real nice!
Everyone should and claim everything they can, the goverment is going to pay for my princess cruise this year :-)
LOL, I liked your reaction just as much Abdullah hahaha
Sign me up too First.
the government sucks. dont contract with them if you can help it. all they do is fund terrible things. enjoy your cruise.
If you are single between 25 -65 yrld and you make less then $15,000 you will qualify for free EIC as a single filer, and same for married filing jointly but income needs to be $20,000 or less. So it would be beneficial to file even if you made less then $12,200 single or less then $24,400 married filing jointly.
Very true and good point Nosmattic! However, as you most certainly know, without a child, it's significantly reduced. I guess it really depends on if they engage tax preparation software that charges them or a tax preparer, what their costs are, not to mention the time too.
*Great channel, feels like I just found my online CPA...LOL.*
Thanks for your support Midnight Cravings! How did you bold your text like that?!
@@clearvaluetax9382 put an * before and after your sentence 👍
I didn’t ask but *Thank You.*
🙄 Ha, look at that hahaaa.
@@clearvaluetax9382 You can copy and paste as bold, typing it into Microsoft Word or an email first.
@@MidnightCravings Thanks, I always used the copy and paste method.
When my children worked summer jobs, I claimed the maximum amount of allowances so FIT was not taken out. This was before EIC.
I'm 65 and just when back I work part-time and had no idea how to file a TAX Return, my husband always took care of all that but after watching 2 of your videos, I all I needed. You explained everything so clearly, thank you so much.
Thank you, thank you.
I filed last year and never got the stimulus or return. Finally got a letter saying I didn’t file in 2014 and I had to. So about a 6 year old return. Figured out my w2 and found out they owed me 581$. Knew I wouldn’t get it because of the age of the return. Got my tax return refund and stimulus finally about 6 months later I got a check for $581. Couldn’t believe the paid on such an old return
this guy cracks me tf up. he's simply telling us to not be an idiot
I get 1562 a month from social security and I get 925 from a New York State retirement plan. And I don't file with an income of 29844. That's not bad considering the house is paid for the car is paid for the Harleys are paid for. Most people don't understand that you're at a very high risk when you file taxes. Remember it's your responsibility to get it right not the irs.
I unfortunately have a w2 that got misplaced and is now 4 years old and it would have been the largest tax refund I ever received hands down. It makes my blood boil jus looking at it. I was told i should just run that w2 through the paper shredder and act like it never existed.
I’m curious why for the single person claiming a child, the income is under 18,000, but for married it doesn’t double?
Business closed (not sold), do I need form 4797 Sales of Business Property (desk, file cabinet, computer, low value, give away to salvation army, some throw-away)
Hi King Rys, that would only apply for asset sales. If you didn't sell them, then no in that case.
The old generation filed whether that had to or not. I'm a retired Boomer, CPA, and my mom made me drive 200 miles to file her return every year, even though she and dad made less than the minimum filing threshold (only $ coming in was from social security.) I would even show her, and we would read together from the 1040 instruction booklet, the fact that the IRS didn't want her to file. (was called the paperwork reduction act.) She still made me file the return.
Yes, that feeling of not filing, even though not required, makes some people uncomfortable. You're a good son!
It's sick how they raised the retirement age
They figure if you die before retirement age, they do not have to pay you anything. Work till you drop. Those sick people. If anything they should lower it.
It's a crime to raise it on those planning for it for decades and they raise it. There is no way it's legal, nor using S.S. for things other than S.S., but they've used it as their own personal piggy bank.
YOU 100% NEED TO MAKE A COURSE SHOWING PEOPLE THE SECRETS OF TAXES!!!
Thank you Junior for that, I'll need to put that course together!
@@clearvaluetax9382 id pay top $$$
@@juniorkhan650 LOL, it would be free haha
@@clearvaluetax9382what is your contact number?
@@clearvaluetax9382 have you made that course yet? If so link please
I hate to correct you but that 3 years is BS, I've gotten a 12k refund from 2015 this year. They just say that so they can take your refund as abandoned property after you file it. You can go back as far as you want if you know what you're doing. I'm even going so far back that I'm claiming 100% of my paychecks and 100% of my paid rent as tax deductible which most people don't know you can do.
Huh how
I have lived in Europe over 40 years, someone just this year said i need to file a tax return, I have always payed very high taxes in the country I live
You are supposed to file even tho you paid wherever you are, but I do know a few people who lived abroad who also stopped, as long as you aren't planning on filing for Social Security..might be difficult to track back that far..
And you paid there, there are tax agreements in certain. countries with the USA. You just file, and disclose..but at this point unless you are coming back I would assume you are a citizen there * possibly have another passport then prob not..the IRS can disallow the Tax Treaty agreements if & when you decide to come back😉
I've already followed my taxes
*aggressively boring? Maybe I'm just a boring guy, but i enjoy watching tax stuff, even if I think know the information💪☻*
Moneyology, you are the man! How's your tax season going? Holy crap, there's only 38 days left and then I'm a free man!!!!! Can't wait, it's pretty brutal right now.
@@clearvaluetax9382 its going well, ive done slightly over 100 returns which is more than i wouldve imaged
Clear about my issues straight to the point Nothing boring about it Thanks for keeping it clear and simple
Taxes are voluntary the 16th Amendment was never ratified so the IRS was never given the power of taxation
FYI: IRS does update status for 1040NR or 1040NREZ filers
Chen, that won't be for NR filings.
I am a widow 77 years old. I receive social security and a pension of $25 a month for $300 a year. Never changes. I went thru national debt relief and they saved me several thousand dollars. I received 2 1099-C for a total of about $4,000. Do I have to pay taxes on that $4,000?
I've been spending so much time, and finding Tax for my cousin for years. He has SSDI and a small investment😩
They should raise these numbers after inflation
Ur awesome bro. Can u do a video explaining the craziest things u have seen on tax returns? Like someone claiming 40 kids or something crazy like that 😂
Hahahahahahaa good idea, yes, I'll definitely need to do that hahahaha thanks Alex.
Hi! :)
- Quick question -
Am I required to file my taxes in 2024., if I had in 2023:
-$0 in W2,
-$5.33 in 1099 (Uber - which by the way I don't even know why I received this 5 bucks in my bank account this year in July from them since I haven't worked in 2023 at all for Uber)
and
-1099-INT (which bank actually won't send the form to me since it's
I couldn’t afford to pay to get them filed, I’ve been below the poverty line for years and pay rent, I have my own little business that makes very little but helps me live, the gov charges me 189$ to file when I’m getting nothing back, I’ve got 3 years to file. So almost 600$ I have to pay just to get my gst or Trillium.but I guess since I made so little for 2 of the years I don’t have to file? I only made 9000$ this year
How to handle customers’ complains? Every time they don’t get a high refund, and/or owe the IRS, they get mad at you, and think it’s your fault. I’m almost giving up on this business. Please help!
It's amazing and we wonder why everybody thinks that they must scam everybody to get ahead in this country. Look at the bars that get set... I'm so sick of these scam artists.
first timer in US .. to file have to search well.. thanks for sharing this ..
I am currently living abroad and for some reason i am having difficulties receiving calls. Ive contacted several CPA's, but unfortunately all of them up to now have provided me with little to no information and have just stated things to better serve their interest(s). For example: ‘’I am a CPA, whether you have to or don’t have to file taxes, I must tell you that you do’’. My question is that I am a US citizen who has been living abroad. I got married in 2017. I don’t have any w2’s or 1099’s because my previous employer did not provide them. My wife doesn't have a social security number or an ITIN number. I am aware that my wife can obtain an ITIN number, but I looked at how much gross income I made during previous fiscal years whilst married and it didn’t exceed the minimum filing threshold to file jointly, so I didn’t apply for one. Am i required to file?
This answered my question!!! Thank you so much, it’s so important to get educated about taxes. Will be filing this year✨
If you normally don't file but know there is a stimulus check granted file anyway to receive that check.
I did my taxes with my tax- prepare and I waited for my refund and was taking so long. I called IRS and didn't show nothing on my status.
What about Americans living outside of the US and receiving SS, can you give a brief about that? Any video on this situation?
3 years is understandable… That would be too much build up to stay on top of if a host of people didn’t file.
I don't understand why he says you don't have to file a tax return if you make under $12,000 a year and you're single when the website on the IRS says otherwise it says if you have to make anything over $600 a year you have to file. So who's right???
theyre both right.
I'm currently working aboard in Hong Kong. Do I need to file, too?
Do I need to file taxes if I retired and only receive social security of $15000 per year? Also if I have 35000 in an IRA can I withdraw say $10Kper year without any withholding? How much can I withdraw with out paying tax and without having to file.
Does the minimum gross annual earnings provided on the IRS website also apply to foreign earned income? I’m under 65, married with children and live abroad. However I don’t earn more than $25,000 per year in foreign income and am unsure if I need to file
Informative and very useful video. Appreciate your expertise. Great job of breaking it down for every scenario.
Thank you Deven for your support! I was expecting this video to get bad feedback since it was SO BORING. But I figured it would be helpful to a few people so it'd be worth making. But thanks for the encouraging words, I appreciate it!
Totally awesome! You are a godsend!💜 I recently lost my husband, I receive half of his pension which is not much, under $500 per month. I also receive survivors benefits and I am blind. H & R block has not given me half as much explanation as you have on your video. I was told I would have to file in order to receive the stimulus, because my husband and I always filed joint returns. Things seem so convoluted, however you seem to make so much sense out of my situation! I appreciate your expertise so very much🤩💛💚🧡🥰
There are other reasons you would have file like distributions from an MSA, HSA or if you had advance payments of the premium tax credit were made for you, your spouse, or a dependent who enrolled in coverage through the Health Insurance Marketplace among others.
Yes, the Premium Tax Credit, that's a good one Chris! I'm going to pin this one.
ClearValue Tax
I appreciate your videos. Very helpful. I have a question for you. My friend has her boyfriend living with her. He doesn't work. Can she claim him on her taxes?
ClearValue Tax
Oh! BTW Black Conservative Patriot channel sent me and I subbed. Stop by his channel and say hello.
Mr. Kim, thank you so much for this video.
No income for the year did receive unemployment in texas. How do I file
Is this for Federal or State, or both?
Electric gas phone cause gotta have one to quote go on line
How ca I file for tax return if you're retired for more then 26 years? I'm 73 years old and I have to file a tax return. Please help me with this.
Hi. what if i made as an employee less than 12.200 but i also worked as an independent and made less than 12.200; but if we add them up (as an employee and as independant) = over 12.200 ?
What about Americans living outside of the US and receiving SS, can you give a brief about that?
Do you have updated videos on this subject?
If you do, please let me know. Thank you!
Filed mine May 1 and still accusing me of not filing. I get a couple of benefits which help but third year in a row they've played this game. Should I join a class action lawsuit & bury these crooks or move.
You are the best thank you for your understandable information
So i dint file tax return for my mothers estate. The beneficiaries are splitting the interest on their tax returns..interest was 7000 before i closed eatate and distributed the money
Thanks for your help I save money God bless you 🙏
That live in the present. Must not buy groceries or pay insurance rent gas etc.
Thanks 👍
I received the first stimulus payment of $1200. I didn't file 2019 taxes for not having any income that year. Haven't received the second payment ($600) yet. I didn't use the IRS tool on time. I have no income for 2020, so I don't have to file. But do I have to file for 2020 in order to get the second stimulus payment?
I haven’t filed in year’s. But 2019 I did and got $30 something back I also have a state law enforcement pension that as tax free all but $400 something insurance subsidy and in 2019 and it would not take it in the IRS online platform. It confused me and I just didn’t file 2020. Because it kept on wanting to know if that was such and such annuity payment. It changed and confused me.
How do I individual for Texas state
4:59 Self-employment taxes
I’m an expat. We are only making Colombian pesos. No dollars at all in 2023. We have rental properties, taxis and checking accounts. We pay taxes in Colombia. From all I read we are below all the annual income to file with the IRs. Should I still file so I don’t get audited later on?
Hi Alicia! Yes, I recommend that you still file in the US. I actually have a place in Medellin.
My only income was $4000 gambling winnings with a net loss. I didn’t receive any tax forms. Do I have to file for this past year ? I am in NJ - single - no children - non dependent. I usually take the standard deduction
Why does the constitution or amendment say you don't need to file a tax return?
Help! I just filed my husband and I’s tax return. We don’t have children and we don’t owe taxes, but I am missing a couple of W2’s and his 1099-R form. We know nothing about this! Is this something we should amend now?
Oh that so interesting. I am going to file it on a free file only because its like 300 dollars worth and why not I also feel kinda of sad I never made 12k a year.
This helped a lot thank you very much
If I did not work in 2019 and I want to file how do I get past the boxes in the form that want employer ID when I try to e-file it wouldn't let me cuz I left that box blank
Tio of the morrrrrrrrning B
Great knowledge as usual
Top of the morning to you too Sir Curtis!
I worked driving for a senior citizen twice a month +I get ssi I made 1,655 in the year I'm 52 and disabled but utube,news said I had file anyway. Now I'm getting a ssi review it also said 2020 I filed recovery rebate,because I never got the 1200+600 year before or on ssi?Was that right,and our state government this year for 2021 saying I had to file for 850 economic relief check which in tell gave me tax $ I think I was supposed to report it...but didnt because people I asked said I didn't have to because it was too low.
Hi first I want to say thank you for the great videos you make it halps alot of people like me that not familiar with all the rules... I have a question for you I didn't fail my taxes 2018 my gross income on the w2 is 12125 dollars and I'm single no kids in bax number 2 its federal income tax withheld 584 dollars is that the amount I'm going to get back??? And 1 more questions about 2019 I didn't work at all I was all the year out of the country is it still good for me to fail tax on 2019 even if i didn't work at all???
I’m married, but my wife does not earn her own salary. Should I file married filing jointly or married filing separate?
what is interest/dividend income??? Please explain Im a 20 year old college student and I want to know if I need to file for taxes
Hello my dad is retiring and planning on selling his home and downsizing will have to pay taxes on that property if he sells it before he retires at the end of the year or should he wait until after he retires?
How can I check if my ex wife gave my childrens to a friend to claim them on tax return?
Now if you make $600 you should file can you talk about e-commerce taxes eBay Poshmark all this apps for reselling
Question: Is this video for federal taxes or state taxes
Hello, if i make 145k a year and contribute just enough to a 401k before taxes in order to bring me down to 126k, would i still be able to contribute to a roth IRA without penalty or being phased out due to income limits?
Thank you for your videos.
What if I am a minor and is soon opening an online business? What would be the requirements to file a tax return or a tax file?
Well I did file and they're stealing my money. I never got my taxes for the year 2018, 2019 taxes were 10 months late and now here I am waiting for my 2020 taxes. Here it is 2022 and a tax season to file for 2021 is a month away, but I still haven't got my money. The thing that pisses me off the most is, if you owe them money they will simply take it out of your account. But if they owe you money they don't have to pay, and they don't ever answer their phones so you can't call them about it either
Yes
thanks
Hi, is this information current in regards to tax filings for seniors in 2023? i notice the video is few yrs old/ thx David
I have a general question. I filed a 1040x for 2018 because of a K-1 with a carry over loss. Doing 2019 return, Turbo tax, and the loss is not carrying over for 2019 - but shows the amount for 2020? How do I correct this?
Hi Jeanette, you are correct that you need to insert this into your 2019 tax return as a federal carryover loss from 2018. It should be in the carry-over loss section or in your partnership K-1 reporting section, but I'm not a TurboTax software expert on this one.
I only get SS. I haven't filed in several yrs now. I'm 75
Is there a way to speak with you I have some questions about my taxes
Can you please send me the law requiring to file income taxes.
I haven’t found anything saying you have to..... but I definitely don’t want the big dogs to come after me
Sixteenth Amendment
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
Hi, is it important to claim your children through the working year? or it is better to have 0. Hi! should we claim our kids by putting more then 1 as Exception so we don't paye much in our taxes or it is better to have 0 or 1 then claim them(kids) later when filing taxes?
would you still qualify for EIC if you only get ss check?
I have a question, I’m a us citizen abroad never have worked as an employee in my life but to ask for educational financial aid to study online I need to show my taxes form as a requirement how do I do this?
Thank you sooooo much. Currently preparing take my final exam and some things I need broken down. 💯
good information, thanks Kim
*yay love this channel already*
Thank you for the clarification because I know someone who could definitely benefit. Thank you!
Thank you Brian for your videos. I am disabled on Social security and had already done my taxes through Turbo Tax and it said I did not need to require a form this was back in January. Today I received my forms from Webull (forgot about these) and I was not sure if I needed to file a tax return. After watching your video and seeing how small my 1099(s) were(less then 3.00) and after inputing the info Turbo Tax, they wanted 78.00 to file the taxes and I was still at 0. I just closed out form and will not file.
I live in the Philippines and wanted to know if I have to file my taxes?
Hi, what kind of statement or evidence will I need to show to prove that I am not required to file tax return? My income last year was only from Social Security benefits. Is SSA-1099 a good evidence to show that I am not required to file?
I believe you can call your local Social Security office or so security Security Administration and they can give you a copy of your year's taxes as your W-2 a copy which they should have mailed it to you anyways. I think you could also look it up online. Hope it helps