This is going to depend on several factors
1. Are they a “qualifying” child per IRS rules?
a. In general, to be a taxpayer’s qualifying child, a person must satisfy four tests:
2. The age of the child – Different credits will only be available until the child reaches the age limits, Child & Dependent Care Credit – 12 & under, Child Tax Credit – 16 & Under, Earned Income Credit – 18 and under or up to 23 if they are a full-time student.
3. Your earned income - The amount of all of the credits related to children are affected by your earned income. Based on the amount of your earnings you may receive all, part or none of each credit.
Most people do not need to file if they made under the following amounts. However, if you have withholding or qualify for refundable credits, you may choose to file to get a refund.
Yes, you can still file. All penalties and interest are going to be based on what you owe the IRS, up to 5% per month.
For personal returns quarterly estimate are due April 15th, June 15th, September 15th, and January 15th.
Social Security can be taxed, depending on our total income for the year. Half of Social Security plus all other income is over $25,000 (or $32,000 for married filing joint) part of your Social Security is taxable. If you lived with our spouse, but file married filling separate, part of your Social Security is taxable even if you have no other income.
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