If I do not need to file, is there anything I need to do or be aware of?

Question

I found out I do not need to file for federal or State. I just want to confirm if there is anything I need to do or be aware of despite
not needing to file.

Thanks

Answer 1

Did you sell any stocks, mutual funds or bonds last year? If so, even if you didn't make money on the sales, then you may need to file. The IRS will get information on how much you received from the sale, but won't know how much you paid. For example, if you bought stock for $9500 in 2004, then sold it for $9,510 in 2006, the IRS will assume you had income of $9,510, not $10.

Also, if you lost money on stock sales, etc., then you would want to file in order to carry the loss forward. Other reasons to file would be:

1. A Net Operating Loss from a business
2. taxes were withheld from your pay are only refunded if you file a tax return
3. to get your $30 telephone tax credit
4. If you had some earned income, you may be eligible for a refund based on the Earned Income Credit (EIC)

There are other reasons, but even #3 above may not be worth it if you have to pay somebody to prepare your taxes.

Answer 2

One thing is the Telephone Excise Tax Refund, you can file a 1040EZ-T, without having to file an actual return
http://www.irs.gov/pub/irs-pdf/f1040ezt.pdf


Another thing is that depending on your State and whether or not you will be required to file again, it is a good idea to make some kind of documentation for your own files to show you did not need to file this year.

If you are between 25 - 65 if you had any earnings at all you may be eligible for a little EIC.(Earned Income Credit)

good luck & bless

Answer 3

you should anyway, because you could get thousands back anyway.