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<\/a>If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received will determine whether you\u2019re required to file. Even if you are not required to file a tax return, you may still want to file. You may get a refund if you\u2019ve had too much federal income tax withheld from your pay or qualify for certain tax credits.<\/p>\n
Even if you\u2019ve determined that you don\u2019t need to file a tax return this year, you may still want to file. Here are five reasons why:<\/p>\n
1.\u00a0Federal Income Tax Withheld.\u00a0 If your employer withheld federal income tax from your pay, if you made estimated tax payments, or if you had a prior year overpayment applied to this year\u2019s tax, you could be due a refund. <\/p>\n
2.\u00a0Earned Income Tax Credit.\u00a0 If you worked but earned less than $50,270 last year, you may qualify for EITC. EITC is a refundable tax credit; which means if you qualify you could receive EITC as a tax refund. Families with qualifying children may qualify to get up to $5,891 dollars. <\/p>\n
3.\u00a0Additional Child Tax Credit.\u00a0 If you have at least one qualifying child and you don\u2019t get the full amount of the Child Tax Credit, you may qualify for this additional refundable credit. You must file and use new Schedule 8812, Child Tax Credit, to claim the credit.<\/p>\n
4.\u00a0American Opportunity Credit.\u00a0 If you or someone you support is a student, you might be eligible for this credit. Students in their first four years of postsecondary education may qualify for as much as $2,500 through this partially refundable credit. Even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student. You must file Form 8863, Education Credits, and submit it with your tax return to claim the credit.<\/p>\n
5.\u00a0Health Coverage Tax Credit.\u00a0 If you\u2019re receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation, you may be eligible for a 2012 Health Coverage Tax Credit. Spouses and dependents may also be eligible. If you\u2019re eligible, you can receive a 72.5 percent tax credit on payments you made for qualified health insurance premiums.<\/p>\n