For the tax year 2014, taxpayers under the age of 65 who are single must file a tax return if they make more than $10,150; this figure is the total of the 2014 standard deduction plus one exemption, according to Turbo Tax. In general, if the total income for the year does not go over the standard deduction for that tax year plus one exemption and the taxpayer is not the dependent of another, then filing a tax return is not mandated under the Internal Revenue Code; however, the income threshold required also depends on age, filing status and income type.Continue Reading
A dependent on someone's taxes who made over $6,200 during the tax year of 2014 will need to file a tax return, regardless of whether the dependent is an adult or a child. If the income is derived from unearned sources, such as from interest or dividends, then the threshold for filing decreases to $1,000, according to Turbo Tax.
Turbo Tax notes that although a taxpayer may not always be required to file a return, if the taxpayer had federal income tax withheld from his pay, he may be due a refund. For example, single taxpayers who earned $2,500 during the tax year of 2014 paid in $300 in federal tax, all of which is refundable in that particular income bracket. Filing a return is the only way to get a refund.Learn more about Taxes
The Internal Revenue Service does not provide a tax estimate calculator but does offer a withholding calculator to help taxpayers understand how much money to allocate to taxes from each pay check. This approach helps prevent a substantial liability at the end of the tax period.Full Answer >
Use Form 4868 to obtain a six-month extension for filing taxes by filing the form by the due date for your calendar year tax return or fiscal year return, explains the Internal Revenue Service. You are, however, not granted an extension to pay your tax liability.Full Answer >
Tax schedules are rate sheets that taxpayers complete and attach to tax returns for certain types of income or deductions, explains Turbo Tax. Circumstances requiring tax schedules include mortgage interest and interest income.Full Answer >
Though the rules governing this area of tax law are subject to change, as of 2014, cash gifts of up to $14,000 are not subject to federal taxes, as reported by Turbo Tax. The $14,000 figure is known as the annual exclusion limit, which is the amount up to which gifts are not taxable. There are some exemptions to this limit, though, including gifts given for the purposes of paying medical bills or educational tuition.Full Answer >