In most cases, the easiest way to figure out if you need to file a tax return is by using the free Interactive Tax Assistant at IRS. Just answer a few quick questions, such as the tax year, your marital status, what kind of benefits you receive and how much money you made. The IRS will give you an instant answer on the tax-filing front. Filing taxes with no income works just the same as filing taxes with income, and it may be worthwhile depending on your tax situation.
As a freelance writer and small business owner with a decade of experience, Dan has contributed legal- and finance-oriented content to diverse sources including Chron, Fortune, Zacks. Reviewed by: Kristin Gallagher, J. Use a A if you have capital gains distributions, are claiming tax credits, or adjustments to income from IRA contributions and student loan interest. Reconcile any advance premium tax credit you received. If you purchased health insurance through the Marketplace on healthcare.
On the other hand, you may owe the IRS money back if you had too much money advanced. Since you had no income for the year, this is unlikely to be the case. Figure your child tax credit if you have children. Since you have no income and therefore no tax liability , you may be eligible for the additional child tax credit, which is refundable.
If you're completing your taxes online using tax preparation software, you'll typically just answer a few questions.
Compute your education tax credit if you went to school. Many people who report zero income were going to school full time during the year, and may have had an unpaid internship over the summer. Since you have no tax liability, this doesn't do anything for you.
However, 40 percent of the tax credit is refundable. You can get that money back even if you didn't owe anything in taxes. Part 3. Choose your free file software. Some software will do state returns as well. Verify your identity to file electronically. To file your tax return electronically, use the adjusted gross income AGI you reported on the previous year's tax return to verify your identity. If you filed electronically last year and created a 5-digit PIN to sign your forms, you can also use that.
It will list your AGI. Mail paper returns to the correct address for your state. The IRS limits how much you can claim with various deductions and credits. For example, you can't claim a home office deduction so large that it would put your business into the red.
Instead, you claim zero business income for the year, and carry any leftover deduction into the next year. If you've reported your information accurately, in most cases they can only go back three years.
However, the clock only starts for a given year when you actually file your tax return. Remember, with TurboTax , we'll ask you simple questions about your life and help you fill out all the right tax forms.
Whether you have a simple or complex tax situation, we've got you covered. 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. Tax Filing Requirements for Children. A Guide to Social Security Tax. Top 5 Myths About Tax Audits. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
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