Personal Returns: You are here. You are thinking about doing your tax return. There are many questions running through your mind. Do I need to file a return? What do I need to file my return? Can I do it myself or do I need to get some help? All these questions are valid. This is a big step if you have never tried it yourself.
Step 1 Gather all income documents you may have made. (Wages, Interest, Dividends, The papers that your broker sent you, Jury duty, Unemployment, Stocks that you sold, bonds that you turned in to get the money.)The odd jobs you did while you were not employed. Anything else that you worked for, rents from those extra houses you own. Things you sold and actually got more than what you paid for them. All these need to be added up to find out how much income you made during the year. You will need this amount to find out whether or not you need to file a return.
Step 2 Decide how you are going to file this return. Are you married or single? Do you have any dependents?
Step 3 Using your filing status and your age (and that of your spouse if you have one), look across the chart to find out what income you need to file a tax return. Compare the amount you see to the income you have to determine whether you need to file or not.
|
IF your filing status is… |
AND at the end of 2011 you were…* |
THEN file a return if your gross income was at least…** |
|
single |
under 65 |
$9,500 |
|
65 or older |
$10,950 |
|
|
head of household |
under 65 |
$12,200 |
|
65 or older |
$13,650 |
|
|
married, filing jointly*** |
under 65 (both spouses) |
$19,000 |
|
65 or older (one spouse) |
$20,150 |
|
|
65 or older (both spouses) |
$21,300 |
|
|
married, filing separately |
any age |
$3,700 |
|
qualifying widow(er) with dependent child |
under 65 |
$15,300 |
|
65 or older |
$16,450 |
If you are being claimed by another person then you filing requirements are:
- Your unearned income was more than $950.
- Your earned income was more than $5,800.
- Your gross income was more than the larger of
- $950, or
- Your earned income (up to $5,500) plus $300.
If you have children and qualify for some extra credits like Earned Income Credit and Child Tax Credits, or adoption credits for this year, you may want to file regardless of whether you have to file or not.