Federal Tax Return Questions

by Rick Suttle
People usually have certain federal tax return questions each year.

People usually have certain federal tax return questions each year.

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Most people file their federal taxes once per year. The deadline for filing federal taxes is usually midnight April 15, according to the Internal Revenue Service and ConsumerReports.org. However, self-employed workers and businesses usually will need to file more often because they do not have taxes withheld on paychecks like most people. Whatever the case, certain federal tax return questions come up each year, some more common than others.

What Are Tax Changes for Present Year?

One of the most common questions pertains to tax changes or new deductions in a given year. Federal taxes or deductions are not always constant from year to year. The government sometimes needs to raise taxes, add tax deductions for certain groups of people or even provide incentives for people to buy certain products, such as green or environmental products. These changes almost always precipitate a flood of questions from filers.

Do I Need To File Tax Return?

Not everyone needs to file a tax return. Each year people must earn a certain minimal income level that requires them to fill out a return. People who earn incomes below that figure do not have to file a return. For example, a college student may work part time in the summer, but does not earn enough to warrant filling out an income tax return. The minimal income level will vary depending on whether an individual is single, married, 65 or older, or even a widow or widower. It is best to check with the IRS, or obtain a federal income tax booklet, to determine the current year's minimal income level filing requirements.

Which Form Should I Use?

All individuals and married people will need to fill out a 1040, 1040A or 1040EZ form. A person or family's income and whether they itemize their deductions will usually dictate the form they must use. For example, in 2009, single or married people filing jointly, with no dependents and an income less than $50,000 could use1040EZ form. Though these requirements have been the same for several years, they likely will change in succeeding years.

Do I Have to Pay Taxes On Social Security Benefits?

The IRS usually has a certain minimum income level for which Social Security income becomes taxable. The minimum income level is usually lower for single people vs. those who are married and filing jointly. It is best to check with the IRS to determine what those minimum income levels are for the current year. Social Security income includes monthly retirement, income you receive as a survivor of a decease spouse or disability income. People usually do not have to pay taxes on disability income.

What Should I Do If I Made Mistake On My Tax Form?

Sometimes, individuals or businesses can make a mistake on their tax form. If you believe you have made an error, it is best to file an amended return or Form 1040X. You can obtain a copy of this form at IRS.gov, or go to the library and copy the form. Libraries often keep a binder of tax forms available for their customers. The IRS will generally correct the error if you do not catch it in time.

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