Do I Have to File a 2012 Tax Return?

You have to file a 2012 return if your income was above a certain filing threshold

Some taxpayers aren’t required to file a 2012 tax return at all. It depends on how much money you earned throughout the tax year.

Below certain levels of income you don’t have to file a return at all. These income thresholds change with your filing status and age. For 2012 they are set at the following amounts:

For single filers the income threshold was

• $9,750 for those under age 65
• $11,200 for those 65 and older

For married couples filing jointly the income threshold was

• $19,500 if both spouses are under 65
• $20,650 if only one spouse 65 or older
• $21,800 if both spouses are 65 or older

For married individuals filing separately the income threshold was

• $3,800 for any age

For heads of household the income threshold was

• $12,500 for those under 65
• $13,950 for those 65 or older

For qualifying widow(er)s with a dependent child the income threshold was

• $15,700 for those under 65
• $16,850 for those 65 or older

For dependents the income threshold was

• $950 for unearned income
• $5,950 for earned income

Generally speaking, incomes below these levels mean that you don’t have to file a 2012 tax return. But, as with all tax matters, nothing is quite this simple. Slightly different rules apply to married dependents as well as dependents who are 65 and older or blind. Check the IRS’s 1040 Instructions booklet, especially Charts A, B, and C on pages 8-9, to be absolutely sure whether you have to file a return.

But even if you don’t legally have to file a tax return, it might be to your advantage to do so. Taxpayers with low incomes often receive quite considerable refunds.

If your income is below the threshold and any tax was withheld from your paycheck, the overwhelming likelihood is that you will get a refund.

You may also receive a refund if you qualify for the Earned Income Credit, which helps low to moderate income workers keep more of what they earn, especially if they have qualifying children.

The American Opportunity Credit offers eligible students a refund up to $2,500.

These as well as a number of other credits and deductions could amount to a refund in the hundreds or even thousands of dollars. If your income was below the filing threshold, make sure you’re not due to receive a refund before you decide to blow off taxes. Chances are, you don’t have to fear the tax man.

Photo via Marco Bellucci on Flickr.