As tax law is very complicated, this article is intended only for educational or illustrative purposes and should not be construed to communicate legal or professional advise.  You should contact us with any specific questions so we can properly interpret how the tax laws applies to your situation.   Killingbeck Tax Preparation, Kokomo, Indiana.  765-452-8000.

You Need to File an Income Tax Return When:

    A.  When You Have enough income taxes withheld from W-2s 
        or 1099s to be worth getting a refund back on.             

    B.  When You Have refundable Income Tax credits:  (refundable 
        means you get back even if you didn't have withholding.)

• Earned Income credit
• Additional Child Tax credit 
• American Opportunity Education credit
• Adoption credit. 
• Refundable Minimum tax.        
• Health Tax credit. 

    C.  When You Have special taxes to pay on. 

• Uncollected SS or Medicare tax on W-2 (M, N codes)           
• Recapture on First Time Homebuyer credit.
• Early withdrawal from pension or IRA.
• Net self-employment exceeds +$433  
• Social Security on Allocated tips or Social Security  on tips.
• You are subject to alternate minimum tax.
• You are have household employees

    D.  When You are Required to file Income Tax for dependents and 
        deceased spouses.             

    E.  When Your Gross Income exceeds the following amounts.   
        Gross income includes wages, dividends, interest, gross rental 
        income,  gross capital gains, & other taxable income.  Gross 
        Income doesn't  include nontaxable social security and  other 
        nontaxable income.

Give us a call if you have questions or we can be of help, 765-452-8000.  Killingbeck Insurance & Tax Preparation, Kokomo, Indiana.