Are You Required to Submit a 2018 Tax Return?
Tax season is open, and the IRS estimates it will process almost 155 million tax returns from individuals during the 2018 tax season. So the question is, are you required to file a tax return?
The tax system requires that income be reported for the previous year, so in 2018 you will report your income and deductions from the 2017 tax year. Note that even if you were paid for work you performed during 2017, if that pay was not received until 2018 it goes on your 2018 return.
But, just receiving income during 2017 doesn’t always mean you are required to submit a federal tax return. Most taxpayers can look at the following chart to determine if filing is required. Simply choose the correct filing status, age, and look at the minimum gross income required for filing. If your income exceeds this number, you must file.
Whole Story at TFX.