Posted by Babette B. Bach, Esquire- Sarasota, FL
The minimum income required to file a Federal tax return for 2012 depends on your income, age and filing status. If you earned below the minimum income levels listed below, you are not required to file a Federal tax return.
Filing Status Age Minimum Income Requirement
Single Under 65 $9,750
65 or older $11,200
Head of Household Under 65 $12,500
65 or older $13,950
Married Filing Jointly Under 65 (both spouses) $19,500
65 or older (one spouse) $20,650
65 or older (both spouses) $21,800
Married Filing Separately Any age $3,800
Qualifying Widow(er) with Dependent Children Under 65 $15,700
65 or older $16,850
There are several reasons why you may want to file a tax return even if you do not meet the minimum income requirements:
• If you had taxes withheld from your pay, you must file a tax return to receive a tax refund.
• If you qualify, you must file a return to receive the refundable Earned Income Tax Credit.
• If you are claiming education credits, you must file to be refunded the American Opportunity Credit.
• If you have a qualifying child but owe no tax, you can file to be refunded the Additional Child Tax Credit.
• If you qualify, you must file to claim the refundable Health Coverage Tax Credit.
• If you adopted a qualifying child, you must file to claim the Adoption Tax Credit.
• If you qualify, you must file to claim the Credit for Prior Year Minimum Tax.
• If you overpaid estimated tax or applied a prior year overpayment to this year, you must file to receive the refund
. If you need legal advice for Tax planning, Asset Protection Planning, or Estate planning, please contact our office for an initial consultation.
Babette B. Bach, Esquire, Board Certified Elder Law
Bach & Jacobs, P.A.
240 Pineapple Avenue, Suite 700
Sarasota, FL 34236