Feel confident doing your own taxes. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. For Simple Tax Returns Only. Taxable Income vs. Is Social Security Disability Taxable? Estimate your tax refund and where you stand Get started. See if you qualify for a third stimulus check and how much you can expect Get started. Easily calculate your tax rate to make smart financial decisions Get started. Estimate your self-employment tax and eliminate any surprises Get started.
Know what dependents credits and deductions you can claim Get started. Know what tax documents you'll need upfront Get started. Learn what education credits and deductions you qualify for and claim them on your tax return Get started. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Skip To Main Content.
When Social Security benefits may be taxable When determining whether you need to file a return and you receive Social Security benefits, you need to consider tax-exempt income because it can cause your benefits to be taxable even if you don't have any other taxable income.
To figure out if your Social Security benefits are taxable: Add one-half of the Social Security income to all other income, including tax-exempt interest. Then compare that amount to the base amount for your filing status. If the total is more than the base amount, some of your benefits may be taxable. Income thresholds for taxpayers 65 and older are higher If you are at least 65 years old, you get an increase in your standard deduction.
Tax information center : IRS : Deadlines and extensions. Typically, the official date when you can file taxes falls in mid to late January. If the IRS mails you a physical check, you will receive a check through the mail. If you file Form , Injured Spouse Allocation, it could take up to 14 weeks to process your tax return. If your identity has been stolen and another return was filed with your social security number, it could take longer for the IRS to sort out the situation.
If you owe a debt, like unpaid child support, your refund could be offset to pay part or all of it. Consider e-filing versus traditional paper filing. Complete a tax return that is free of any errors or miscalculations. This means carefully reviewing personal information such as your name, social security number, home address and bank information, if applicable.
Get Help The first day to file taxes varies from year to year, but generally falls in the same period in January. Related Topics Deadlines and extensions Refunds and payments Audits and tax notices Tax responsibilities. Skip To Main Content. Gather all of your tax documents If you're expecting a refund, you might be eager to file your tax return as soon as you can.
Collect all the tax documents needed for your taxes before you begin, such as your W-2s, s, tax forms that report other types of income, tax deductions, and receipts. Take a minute and think about anything you did in the past year that might impact your taxes, such as: Changing jobs Opening a new savings account Selling stocks or mutual funds Paying college tuition or student loan interest 2. Decide whether your parents can claim you as a dependent Many young adults get financial assistance from their parents, even after they start earning their own money.
There are two ways your parents might claim you as a dependent: Qualifying child. If you're under the age of 19 or under age 24 and a full-time student and your parents provide more than half of your financial support, your parents can likely claim you as a qualifying child.
Qualifying relative. Don't forget about your gig economy income Millions of young people participate in the gig economy as rideshare drivers, making package or food deliveries , freelancing full or part-time or working as a project-based consultant. Depending on how much you earn, you may receive a MISC for your work. But even if you don't, you still need to report the income to the IRS.
You'll report your gig work income on Schedule C attached to your Form Usually, you can deduct any expenses related to your gig work, such as miles driven, supplies and advertising costs on Schedule C as well. File electronically Nowadays, you can do most everything from paying your bills to ordering lunch online, and filing your taxes is no exception.
The IRS estimates that taxpayers who e-file their tax returns often have their refunds issued in as little as three weeks. All you need to know is yourself Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest.
Looking for more information? More in General What is Direct Tax? Get more with these free tax calculators and money-finding tools. Stimulus Check Calculator See if you qualify for a third stimulus check and how much you can expect Get started.
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