The information in this article is up to date through tax year 2022 (taxes filed 2023).
If you’re like most taxpayers, you probably have some questions. To help you out, we’ve answered some commonly asked tax questions. TaxSlayer is committed to helping you file fearlessly and always guarantees your maximum refund and 100% accuracy.
What is a federal tax return?
A federal tax return is a form (or forms, depending on your financial circumstances) you send to the IRS to report your yearly income and how much you paid in taxes. Your filing status and gross income determine if you need to file a federal tax return.
Are you wondering if you need to file a federal tax return this year? Read How Much Money You Have to Make to File Taxes
What tax form should I use?
- 1040: When you file your federal income taxes, use IRS Form 1040 to report your individual income and expenses.
- Schedule C: If you are a freelancer, contractor, or are self-employed, this is the form for you. You can report business income and losses on a Schedule C.
- Schedule B: This form allows you to report interest and dividends of $1,500 or more. Any amount less than $1,500 should be reported on Form 1040. Schedule B is ideal for people with investments and savings accounts.
- Schedule SE: If you pay self-employment taxes, you will need to fill out this schedule and attach it to your 1040. It will help you calculate how much self-employment tax you are required to pay.
What is a 1099?
There are different versions of Form 1099. One of the most common is the 1099-NEC, which is used to report income from work provided for an organization in which you are not an employee.
Before 2020, non-employee compensation was reported on the 1099-MISC. The 1099-MISC form reports miscellaneous income such as prize winnings, rent, royalties, or medical and health care payments. In both cases, you will receive a 1099 statement via mail, just as you would receive a W-2.
For a more in-depth list of Form 1099s, read Self-Employment Tax Forms.
Do students have to file taxes?
If you make more than $12,000, then you are required to pay taxes–even if you are a student. And if you do not meet the income threshold, you’ll still need to file if you plan to claim any education credits or deductions.
When can I file taxes?
You can file taxes anytime between the time the IRS opens and Tax Day. It’s important to note that you can prepare your taxes anytime, but you can only file your taxes when the IRS opens. For 2023, the tax deadline is April 18.
Of course, if you need more time, you can file an extension by Tax Day. Filing an extension gives you six more months to file your tax return. Learn how to file an extension here.
Do I need to pay quarterly estimated payments?
There are several reasons you may need to pay quarterly estimated payments:
- Your total withheld income and refundable credits are less than either 90% of your tax liability or 100% of last year’s tax liability
- Your calculated tax liability is more than $1,000.
The following groups are typically required to make estimated payments:
- Sole proprietors
- S-corporation shareholders
If any of the above conditions apply to you, make estimated payments directly to the IRS and file Form 1040-ES with your return.
Who can I claim as a dependent?
There are several checkpoints for determining who you can claim as a dependent. The must be a United States citizen, resident, or national. They must be filing single or married filing separately. And you must be the only one claiming them on your return. You can claim family members, foster children, and even adopted children.
For a more detailed list of requirements, read Who Can I Claim as a Dependent?
What credits and deductions can I take?
There are so many great credits and deductions out there to help reduce your tax bill. TaxSlayer asks you relevant questions to see which credits and deductions you might be eligible to take. Everyone’s tax filing situation is different, but TaxSlayer has them all covered.
What is the EITC?
EITC stands for Earned Income Tax Credit. This credit is intended to reduce the tax liability for low-moderate income families. The credit is refundable, which means you can receive a portion of it in your refund if your tax liability is completely covered by the credit. See if you meet the qualifications here.
Can I deduct my home office?
You can only deduct your home office if you are self-employed and use your home office exclusively and regularly for business.
What happens to my taxes if I withdraw money early from my retirement account?
Making an early withdrawal can have consequences. To avoid paying fees, you can choose to rollover, transfer, or convert your funds. Otherwise, you will incur a penalty.
What happens if I make an error on my tax return?
If you make a mistake on your return, you can file an amended return using Form 1040X.
Where’s my refund?
You can find out the expected date of arrival for your refund by visiting www.irs.gov/refund. Once you have filed and the IRS has accepted and approved your return, you can check the status of your refund via the IRS. It is recommended that you elect to receive your refund via direct deposit for the fastest delivery.
Read 2023 Refund Schedule: How Long Do I Have to Wait Until I Get My Tax Refund for answers to common questions about receiving your tax refund.
Where can I find tax updates for this year?
Keep checking TaxSlayer’s blog for updates on all tax-related news and topics.