Do I need to file a tax return?

The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
Dear Tax Talk,
I was the primary caretaker for my father, who has died. I have not gone back to work since then, and have had no earned income. I have been living off of the mutual funds that I inherited. The financial institution withdrew the taxes each time I took a withdrawal. Do I need to file a tax return?
— Margie
Dear Margie,
Whether or not you need to file a tax return depends on your filing status, your gross income and your age. The filing requirements change somewhat if you can be claimed as a dependent on someone else’s return. However, even if you do not meet the filing requirements, you may be due a refund for the taxes that have been withheld by the mutual fund company, so you will need to file a return to receive any refund from the IRS.
The table below shows the income thresholds required for someone to file taxes.
2014 filing requirements for most taxpayers |
||
---|---|---|
Filing status | Age | Gross income |
Single | Under 65
65 or older |
$10,150
$11,700 |
Married filing jointly | Under 65 (both spouses)
65 or older (one spouse) 65 or older (both spouses) |
$20,300
$21,500 $22,700 |
Married filing separately | Any age | $3,950 |
Head of household | Under 65
65 or older |
$13,050
$14,600 |
Qualifying widow(er) with dependent child | Under 65
65 or older |
$16,350
$17,550 |
Source: IRS Publication 17
Thanks for writing. All the best to you.
Ask the adviser
To ask a question on Tax Talk, go to the “Ask the Experts” page and select “Taxes” as the topic. Read more Tax Talk columns.
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Taxpayers should seek professional advice based on their particular circumstances.
Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.
Related Articles


W-2 form shows my employer barely withheld taxes. Do they owe me money?

