IRS Tax Tips January 28, 2013 Useful Links: Issue Number: IRS TAX TIP 2013-01 IRS.gov Home Inside This Issue 1040 Central Help For Hurricane Victims Who Should File a 2012 Tax Return? If you received income during 2012, you may need to file a tax return News Essentials in 2013. The amount of your income, your filing status, your age and the type of income you received will determine whether you’re What's Hot required to file. Even if you are not required to file a tax return, you may still want to file. You may get a refund if you’ve had too much News Releases federal income tax withheld from your pay or qualify for certain tax credits. IRS - The Basics IRS Guidance You can find income tax filing requirements on IRS.gov. The instructions for Forms 1040, 1040A or 1040EZ also list filing Media Contacts requirements. The Interactive Tax Assistant tool, also available on the IRS website, is another helpful resource. The ITA tool answers many Facts & Figures of your tax law questions including whether you need to file a return. Problem Alerts Even if you’ve determined that you don’t need to file a tax return this year, you may still want to file. Here are five reasons why: Around The Nation 1. Federal Income Tax Withheld. If your employer withheld federal e-News Subscriptions income tax from your pay, if you made estimated tax payments, or if you had a prior year overpayment applied to this year’s tax, you could be due a refund. File a return to claim any excess tax you paid during The Newsroom Topics the year. Tax Tips 2012 2. Earned Income Tax Credit. If you worked but earned less than $50,270 last year, you may qualify for EITC. EITC is a refundable tax Radio PSAs credit; which means if you qualify you could receive EITC as a tax refund. Families with qualifying children may qualify to get up to Fact Sheets $5,891 dollars. You can’t get the credit unless you file a return and claim it. Use the EITC Assistant to find out if you qualify. Armed Forces 3. Additional Child Tax Credit. If you have at least one qualifying Disaster Relief child and you don’t get the full amount of the Child Tax Credit, you may qualify for this additional refundable credit. You must file and use Scams / Consumer Alerts new Schedule 8812, Child Tax Credit, to claim the credit. Tax Shelters 4. American Opportunity Credit. If you or someone you support is a student, you might be eligible for this credit. Students in their first four years of postsecondary education may qualify for as much as $2,500 through this partially refundable credit. Even those who owe no tax can IRS Resources get up to $1,000 of the credit as cash back for each eligible student. You must file Form 8863, Education Credits, and submit it with your Compliance & Enforcement tax return to claim the credit. Contact My Local Office 5. Health Coverage Tax Credit. If you’re receiving Trade Filing Options Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments Forms & Pubs from the Pension Benefit Guaranty Corporation, you may be eligible for a 2012 Health Coverage Tax Credit. Spouses and dependents may Frequently Asked Questions also be eligible. If you’re eligible, you can receive a 72.5 percent tax credit on payments you made for qualified health insurance premiums. News Want more information about filing requirements and tax credits? Visit Taxpayer Advocate IRS.gov. Where to File Additional IRS Resources: Interactive Tax Assistant EITC Assistant Publication 596, Earned Income Credit Schedule 8812, Child Tax Credit Publication 972, Child Tax Credit Form 8863, Education Credits Publication 970, Tax Benefits for Education Health Coverage Tax Credit IRS YouTube Videos: Do I Have To File a Tax Return? - English | Spanish | ASL Education Tax Credits and Deductions - English | Spanish | ASL IRS Podcasts: Education Tax Credits and Deductions - English | Spanish
"Who Should File a 2012 Tax Return?"