Do you have to file a tax return if most of your income is Social Security?
AS the tax season starts to wind down, people on Social Security may be wondering if they should file a return before the deadline.
The answer is more complicated than a simple yes or no.
This is because it truly depends on your financial and living situation.
For instance, if you are married and your spouse receives income from another source besides Social Security, you will likely need to file a tax return based on that other income.
On the other hand, if you are a single person only receiving income from Social Security and there is no tax withheld from those payments, it most likely is not necessary for you to file a tax return.
However, just because it might not be necessary does not mean you shouldn't.
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When you file, you have the opportunity to receive extra cash in the form of tax credits.
For example, this includes some people who did not receive their stimulus check worth up to $1,400 in 2021.
If you were one of these people, you are able to claim this payment as a recovery rebate credit on your tax return.
You may also be able to claim child tax credits worth up to $3,600 per child and the earned income tax credits, depending on eligibility.
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The earned income tax credits, which are available to low-income working families and workers, are currently worth up to $6,728.
When is the federal tax deadline in 2022?
If you plan to file this season, it is important to note that individual tax returns are not due on April 15 this year because of Emancipation Day.
Emancipation Day is actually not on April 15.
The holiday's true date is on April 16, but since it falls on the weekend, Friday, April 15, will be observed to celebrate the holiday.
Therefore, the due date for filing individual tax returns and making tax payments is Monday, April 18, 2022.
In the event that you cannot meet the April 18 deadline, you may apply for a six-month extension.
However, a extension request must be filed by April 18.
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We have a tax preparation checklist for you to get organized ahead of filing your federal tax return.
Plus, 10 tax credits to cut your federal tax bill or boost your refund by up to $47,200 this filing season.
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