But believe it or not, there are also times when you might want to file a tax return even though you aren’t required to do so!
When to File an Optional Tax Return
The IRS specifies that you may want to file a tax return if any of the following situations apply to you:
You Will Get Money Back. Even if you don’t have to file a tax return, the IRS might owe you money. It’s best to fill out a tax return to see if you’ll get a refund, and file if you have money that should be refunded to you.
You Had Taxes Withheld from Your Paycheck. Your employer is required to withhold taxes, even if you might not owe any.
You Made Estimated Tax Payments. This includes applying any of last year’s refund to this years taxes.
Tax Credits to Claim
In addition to the situations above, here are some specific tax credits that you will need to file your taxes to claim:
Making Work Pay Tax Credit. If you qualify for the making work pay credit, you’ll want to file. This includes the government retiree credit, too.
Earned Income Tax Credit. The earned income credit is intended to help low to moderate income individuals and families and provide an incentive to work.
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