Do you NEED to FILE your TAXES for 2011?

Posted by Highbaugh Tax/Tami Highbaugh-Abdullah | Posted in Earned Income Credit, General Tax Questions, Tax filing income requirement | Posted on 18-01-2012-05-2008

0

Highbaugh Tax

Wondering if you are required to file taxes in 2011.  You may not have to… So who must file a Return in 2011?  The information below should help you figure it out.

You must file a return if you are a U.S Citizen or Resident Alien and have gross income that is more than the amounts show below in the table.  There are some exceptions though… for instance you must file a return:

  • If you had net earnings from self employment of at least $400.00
  • If you received any advance earned income credit (EIC) payments from your employer
  • If you had wages of $108.28 or more from a religious organization that is exempt from Social Security and Medicare Taxes

Also if you owe any of the following special taxes:

  • Social Security & Medicare taxes on tips not reported to your employer
  • Uncollected Social Security, Medicare or railroad retirement tax on tips reported to an employer
  • The alternative minimum tax
  • Household employment taxes
  • Additional tax on a qualified retirement plan, including an IRA
  • Additional tax on a health savings account (HSA), Archer MSA, Coverdell education savings account (ESA) or qualified tuition program
  • Recapture of certain tax credits and other benefits reported on line 44 and line 60, ie. education credit, investment credit, first-time buyer credit, and the credit for employer-provided childcare facilities

Who Must File  a Return in 2011

Filing Status Age Gross Income of at least:
Single Under 65 $9,500
Under 65 $10,950
Married Filing Jointly Under 65 (both spouses) $19,000
65 or older (one spouse) $21,150
Qualifying Widow(er) w/ dependent child Under 65 $15,300
65 or older $16,450
Married Filing Separately Any age $3,700
Head of Household Under 65 $12,200
65 or older $13,650
Singled, claimed as a dependent Under 65 Greater of $950 or EIC up to $5,500
65 or older or blind Greater of $2,400 or EIC up to $5,500
65 or older & blind Greater of $3,850 or EIC up to $5,500
Married, claimed as a dependent Under 65 Greater of $950 or EIC up to $5,500
65 or older or blind Greater of $2,100 or EIC up to $5,500
65 or older & blind Greater of $3,250 or EIC up to$5,500

 

Enhanced by Zemanta
Read More

Did you know the Earned Income Credit Increased This Year?

Posted by Highbaugh Tax/Tami Highbaugh-Abdullah | Posted in Earned Income Credit | Posted on 21-03-2011-05-2008

0

Amount of credit increased. The maximum amount of the credit has increased. The most you can get for 2010 is:
  • $3,050 if you have one qualifying child,
  • $5,036 if you have two qualifying children,
  • $5,666 if you have three or more qualifying children, or
  • $457 if you do not have a qualifying child.
Earned income amount increased. The maximum amount of income you can earn and still get the credit has increased for 2010. You may be able to take the credit if:
  • You have three or more qualifying children and you earn less than $43,352 ($48,362 if married filing jointly),
  • You have two qualifying children and you earn less than $40,363 ($45,373 is married filing jointly),
  • You have one qualifying child and you earn less than $35,535 ($40,545 if married filing jointly), or
  • You do not have a qualifying child and you earn less than $13,460 ($18,470 if married filing jointly).
Investment income amount. The maximum amount of investment income you can have and still get the credit is still $3,100 for 2010.
Advance payment of the credit. If you get the advance payments of the credit from your employer with your pay, the total advance payments you get during 2010 can be as much as $1,830.
Want to see the Earned Income Credit Table so you can figure your EIC Credit?  Click the link go to page 43 to see the schedule.
Do you have any Tax Questions?  Feel Free to ask them here or email me atTami@highbaughtax.com
Tami  Highbaugh-Abdullah
Highbaugh Tax

 

Read More