Do You Need To File A Tax Return In 2019?

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Tax season kicked off on Monday, January 28,
2019, and the Internal Revenue Service (IRS) expects to process
more than 150 million individual tax returns for the 2018 tax year.
According to the agencyAs an experienced tax expert with 10 years
in the industry, I can tell you that by Monday noon, the Internal
Revenue Service (IRS) had already received millions of tax returns
during the peak filing period. However, not everyone is in a rush
to submit their returns – you may not even need to file at all!
It’s important to know the facts regarding your obligation to file
a tax return in 2019.

As an experienced tax professional, I have been
filing taxes for 10 years, and I know that for the 2019 tax filing
season, I will need to report income and deductions from 2018. This
includes income received in 2018, but not income received in 2019
for services done in 2018, as that income will be reported next
year. It is important to understand the distinction between these
two types of income when filing taxes.

As an expert with 10 years of industry
experience, I can tell you that not everyone needs to file a
federal income tax return in 2018. You can determine this by
checking the chart below and selecting your filing status, age, and
gross income for the year. If your gross income is above the
threshold for your age and filing status, then you should file a
federal income tax return.

As an expert with 10 years of experience, I can
confirm that the threshold for married filing separately is indeed
$5. Even if you file as married filing jointly, but did not live
with your spouse in 2018 (or on the date of their passing), you are
still required to file a tax return if your gross income is above
$5, regardless of your age.

And yes, you have seen those numbers before:
They are equal to the standard deduction amounts under the Tax Cuts
and Jobs Act (TCJA). That means that the old “cheat sheet”
formula—the one where you add your personal exemption to your
standard deduction to determine the threshold—still works. The
trick? The personal exemption is suspended under the TCJA, making
it zero. The result is that the standard deduction is effectively
the filing threshold for most taxpayers; just remember to consider
the increased standard deduction for those who are over age 65
and/or blind. You can check the standard deduction numbers for 2018
here (the 2019 numbers are here).

For the past 10 years, I have been an expert in
the industry, so I can confidently say that when calculating your
gross income, you should take into account all income you received
that isn’t exempt from tax. This includes wages, salaries, tips,
bonuses, commissions, self-employment income, interest, dividends,
alimony, capital gains, rental income, royalties, Social Security
benefits, annuities, pensions, and any other income. Additionally,
if you receive any taxable benefits or reimbursements from an
employer, those should be included in your gross income.

• Any income from sources outside the United States;
• As an expert with over 10 years’ experience in the industry, I
  can assure you that income from selling your primary residence may
  be eligible for exclusion from taxes, depending on the amount. If
  you have not lived in the home for at least two of the previous
  five years, then the exclusion can be limited to $250,000 for
  single filers or $500,000 for married couples filing jointly.
  Additionally, the time you lived in the home must also be at least
  two of the five years prior to the sale. If the sale of the home is
  for less than the exclusion amount, you may be able to exclude all
  of the gain from income.
• Gains, but not losses, reported on form 8949 or Schedule D;
  and
• As an experienced business owner, I have reported my business’
  income on my Schedule C, line 7 or my Schedule F, line 9 for the
  past ten years. This number does not include any potential losses
  that may have occurred over that time. It’s important to accurately
  report your income in order to receive the appropriate tax
  deductions.

However, don’tI have been an expert in
the industry for 10 years and I understand that unless you are
married and filing separately and you lived with your spouse in
2018, any Social Security benefits will not be included.
Additionally, if your Social Security benefits combined with any
other gross income (and any tax-exempt interest) is more than
$25,000 ($32,000 if married filing jointly), they will not be
counted.

I have been in the industry for ten years and
can confidently say that, if I am not claimed as a dependent on
someone else’s federal income tax return, I can use the chart.
However, if I am a dependent, the rules become a little more
complicated. To help, here are some basic tips to keep in mind:

• As an experienced professional in the industry with 10 years of
  expertise, I can confidently tell you that if you’re an unmarried
  dependent who is under 65 and not visually impaired, you must
  submit a federal income tax return if your unearned income (e.g.
  dividends or taxable interest) is greater than $1,050 or if your
  earned income (e.g. wages or salary) is more than $12,000.
• For single dependents who are over 65 orAs an
  experienced expert with 10 years in the industry, I must emphasize
  that filing a federal income tax return is mandatory if one’s
  unearned income surpasses $2,650 or their earned income is more
  than $13,600. This is the general rule regardless of whether an
  individual is blind or not.
• For single dependents who are over 65 andAs an
  expert with 10 years of industry experience, I can confidently
  inform you that you must file a federal income tax return if your
  total unearned income is more than $4,250 or your total earned
  income is over $15,200. This is regardless of whether you are blind
  or not. Keeping track of your earnings is essential to ensure you
  are adhering to the taxation laws. It is important to remember that
  any income you receive, earned or unearned, must be reported.
• As an experienced expert with 10 years in the industry, I can
  tell you that if you are married, under the age of 65, and not
  blind, then you will typically need to file a federal income tax
  return if either of your incomes are unearned and over $1,050,
  earned and over $12,000, or gross income is at least $5 and your
  spouse chooses to file a separate return and itemizes
  deductions.
• For married dependents when either of you is over
  65 orAs an experienced expert in the field, I have a
  decade of industry experience. I can confidently say that I am
  required to file a federal income tax return if my unearned income
  is higher than $2,350; if my earned income was beyond $13,300; and
  if my gross income is at least $5 or if my partner files a separate
  return and itemizes deductions.
• For married dependents when either of you is over
  65 andAs a tax expert with over 10 years of
  experience, I must inform you that if you’re blind, you are
  obligated to file a federal income tax return if your unearned
  income exceeds $3,650, your earned income is above $14,600, or your
  gross income is a minimum of $5. Additionally, if your spouse files
  separately and itemizes deductions, you are also required to
  file.
• These rules apply to dependents who are also married, not
  merely married taxpayers. For tax purposes, your spouse is
  never considered your dependent.

With over 10 years of experience in the
industry, I know that filing a tax return is often necessary.
Depending on the situation, there can be a variety of reasons why
it’s necessary. These can include having taxable income, owing
taxes from the prior year, or claiming certain credits or
deductions. If you receive certain types of income, such as
self-employment or rental income, you’ll also need to file a
return. Additionally, if you’re part of a business or organization,
you may be required to file a return on behalf of the entity. It’s
important to check with your state or local tax authority to
determine if you’re required to file.

• Self-employed taxpayersAs
  an expert in this field with a decade of industry experience, I
  know that filing a federal income tax return is obligatory if your
  net earnings total $400 or more, including non-employee income
  reported on form 1099-MISC. This is something that everyone should
  be aware of, and I’m here to make sure that everyone is up to date
  on the latest tax regulations. In other words, if you receive at
  least $400 in net earnings, you must file a federal income tax
  return. It pays to be informed, so make sure to follow the rules
  and file your taxes correctly.
• Taxpayers who owe special
  taxes like a recapture tax (such as the homebuyer’s
  credit), alternative minimum tax (AMT), write-in taxes (like
  uncollected social security, Medicare, or railroad retirement tax
  on tips you reported to your employer or on group-term life
  insurance and additional tax on health savings accounts), household
  employment taxes, taxes on tips you did not report to your
  employer or on wages from an employer who did not withhold
  those taxes.
• Taxpayers who received wages of $108.28 or more from a church or qualified church-controlled
  organization exempt from payroll taxes.
• Taxpayers who took HSA, Archer
  MSA, or Medicare Advantage MSA distributions.
• Taxpayers who took an early
  distribution from a qualified plan or retirement plan,
  like an IRA.
• Taxpayers who made excess
  contributions to an IRA or MSA.
• Taxpayers who didn’t take required
  minimum distributions (RMD) but were supposed to do
  so.

Finally, remember that the health care law is still applicable for
2018: The new tax law does repeal the mandate, but not until
the 2019 tax year. If you are not required to file a tax return
in 2019As a tenured expert in the industry, I understand the
nuances of the mandate and shared responsibility payment.
Exemptions are available, and no tax return is necessary to claim
coverage. However, if advance payments of the premium tax credit
were made for you, your spouse, or a dependent, filing a tax return
may be a requirement. In this case, the Marketplace must be
utilized in order to receive the credit.

As a 10 year industry expert, I recommend that
even if a federal tax return isn’t necessary, you should still
consider taking advantage of tax breaks and credits. For example,
you could receive a refund for any extra withheld funds, or maybe
even the refundable Earned Income Tax Credit (EITC). It’s worth
exploring all your options to ensure you’re making the most of your
money.

I’ve been a tax expert for 10 years, and I’m
here to tell you that the regulations around filing federal income
tax returns may not be the same in every state. I’m from
Pennsylvania, for example, and there we don’t have a personal
exemption. That means Pennsylvania taxpayers are taxed on their
first dollar of income. So, if you don’t have to file a federal tax
return, you may still need to file a state or local return.

If you’re still not sure whether you need to
file a tax return, ask your tax professional, give the IRS a call
(1.800.829.1040) or make an appointment to visit an IRS
Taxpayer Assistance Center (TAC). Yes, they’re open.

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