Do I still file taxes when I make less than the standard deduction? What about withholdings?

Question

I will be filing as single this year with no dependents. I might aim to make $10,000. I searched that the standard deduction for this year is $12,200. Do I still file my taxes? Do I get the full amount withheld back from both state and federal?

Answer 1

Do I still file my taxes?

https://www.thestreet.com/personal-finance/taxes/how-much-do-you-have-to-make-to-file-taxes-14857480

You don't have to, but the 1040 is pretty simple to fill out for trivial returns. I'd do it.

Do I get the full amount withheld back from both state and federal?

Yes (well, probably, since we don't know your exact circumstances) to income taxes, but not FICA.

Answer 2

There are two important considerations.

• Do you have to file?
• Should you file?

The IRS can tell you if you have to file they will even tell you if you should file. Your state will have a similar set of requirements, but you should check the states tax website for details.

The other question: should I file? depends on if any taxes were withheld, and is there some other reason to file. Your income at 10K could be low enough to qualify for certain tax credits such as those related to education,m and health insurance.

Because of the way each paycheck is considered separately when calculating the tax on that paycheck, it is possible to have tax withheld on some checks and not the others if your wages aren't consistent. So unless you can declare that you are exempt on your w-4 you might have some taxes withheld.

Most people have FICA withheld, and are unable to get that back. But there are cases such as an on campus job at the college you attend, that are exempt from FICA withholding.