8.3 - Tax Returns

The federal government will reach out to you if you are owed a refund.

• TRUE

• FALSE

Which is NOT used to determine if you need to file a tax return?

• Age

• Annual Gross Income

• Student Status

• Filinig Status

• Dependency Status

Jesse is a full-time college student and is 20 years old. Can he be claimed as a dependent?

• Yes - As long as he is a full time college student and is under 24

• No - since he is a full-time student

• No - since he is over 18 years old

• Yes - if living with the person who is claiming him

Which of the following people is/are legally required to file a tax return?

• Amanda, who can be claimed as a dependent and earned $850 last year.

• Greg, who can be claimed as a dependent and earned $13,200 last year.

• Jason, who cannot be claimed as a dependent and earned $1,500 last year.

• Erin, who cannot be claimed as a dependent and earned $12,000 last year.

Why might someone want to file a tax return even if they don't meet the minimum income requirement?

• They claimed EXEMPT on their W-4 form

• There is a penalty fee for not filing no matter your income

• They may get a refund for any income tax withheld from their paychecks

• The IRS expedites processing your future tax returns

All of the following are true about self-employed workers EXCEPT...?

• Self-employed workers generally have to pay self-employment taxes

• Self-employed workers are always exempt from filing income tax returns

• Self-employed workers generally have to file an annual return and pay estimated taxes quarterly

• Self employed workers define their work and how they will do it

Dependents can not be married.

• TRUE

• FALSE

When claiming a dependent....

• the child can be over 25 years old

• the child must be related

• the child must have lived with you the whole year

• the child can be older is not disabled

Tax returns are required if your earned income is..

• more than $12,950

• more than $1,150

• more than your unearned income

• more than $1,000