Jerone Thomas's video: Do You Have To File A 2020 Tax Return

Everything you need to know about whether you need to file or not, and thing not mentioned in the video is in the description of the video Check out my instagram: instagram.com/blackvito_ Join this channel to get access to perks: https://www.youtube.com/channel/UCbfTw8qw8tPRvyqqVXpzq1w/join *include* wages and tips, self-employment income, taxable scholarships, taxable interest and dividends, capital gains, taxable pensions and annuities, rents, and taxable alimony, trust distributions. For purposes of the filing test, you must include as gross income sales home sale proceeds even if they are partly or completely excludable from income and you also must include tax-free foreign earned income . •Exclude* tax-exempt interest, tax-free fringe benefits, qualifying scholarships tax-free alimony, and life insurance. The economic stimulus payment you received in 2020 is excludable from gross income. For purposes of the filing thresholds above, exclude Social Security benefits unless (1) you are married filing separately and you lived with your spouse at any time during 2020, or (2) 50% of net Social Security benefits plus other gross income and any tax-exempt interest exceeds $25,000 ($32,000 if married filing jointly). If 1 or 2 applies, the taxable part of Social Security benefits (as determined in 34.3 ) is included in your gross income. 2020 tax filing requirements for most people You’re required to file a return for 2020 if you have a certain amount of gross income. Gross income requirements for each filing status are: Single filing status: $12,400 if under age 65 $14,050 if age 65 or older Married filing jointly: $24,800 if both spouses under age 65 $26,100 if one spouse under age 65 and one age 65 or older $27,400 if both spouses age 65 or older Married filing separately — $5 for all ages Head of household: $18,650 if under age 65 $20,300 if age 65 or older Qualifying widow(er) with dependent child: $24,800 if under age 65 $26,100 if age 65 or older 2020 tax filing requirements for children and other dependents If your parent or someone else can claim you as a dependent, filing requirements depend on your: Gross income Earned income Unearned income You need to file a return if you’re a: Single dependent under age 65, not blind, and any of these apply: Your unearned income was more than $1,100. Your earned income was more than $12,400. Your gross income was more than the larger of: $1,100 Your earned income up to $12,050 plus $350 Single dependent either age 65 or older, or under age 65 and blind, and any of these apply: Your unearned income was more than $2,750. Your earned income was more than $14,050. Your gross income was more than the larger of: $2,750 Your earned income up to $12,050 plus $2,000 Single dependent age 65 or older, blind, and any of these apply: Your unearned income was more than $4,400. Your earned income was more than $15,700. Your gross income was more than the larger of: $4,400 Your earned income up to $12,050 plus $3,650 Additional tax filing information You must file if any of these conditions apply for 2020: You owe any special taxes, including any of these: Alternative Minimum Tax (AMT) Additional tax on a qualified plan, including an IRA, or other tax-favored account. However, if you’re filing only because you owe this tax, you can instead file Form 5329 by itself. Household employment tax. However, if you’re filing only because you owe this tax, you can instead file Schedule H by itself. Social Security and Medicare tax on either of these: Tips you didn’t report to your employer Wages you received from an employer who didn’t withhold these taxes Recapture of first-time homebuyer credit Write-in taxes, including uncollected Social Security, Medicare, or railroad retirement tax on these: Tips you reported to your employer Group term life insurance Additional taxes on health savings accounts. To learn more, see instructions for Line 62. Recapture taxes You (or your spouse, if filing jointly) received health saving account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA distributions. You had net earnings from self-employment of at least $400. You had wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from Social Security and Medicare taxes. Advance payments of the premium tax credit were made for you, your spouse, or a dependent who enrolled in coverage through a marketplace. You (or whoever enrolled you) should have received Form 1095-A showing the amount of the advance payments. If you’re due a refund, you don’t have to worry about paying a penalty for filing a late return. However, if you don’t file a return to claim your refund within three years of your return’s due date, you won’t get your refund.