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Do I have to file tax return on interest income that less than $2,000?

West Orange, NJ |
Filed under: Tax law

I don't have any income other than my interest/dividend income last year, which is less than $2,000. Do I need to file tax return for last year? Thank you.

Attorney Answers 2

Posted

It isn't required that you file - but I always recommend to my clients to file taxes every year, whether required to or not. That way, the IRS only has three years to assess additional taxes, the statute of limitations begins and the IRS will not ask you to provide documents 10 years from now to prove your lack of income.

I hope this helps.
Respectfully,
Steven A. Leahy
www.chicagotaxteam.com

Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.

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Posted

It is not required, but you should do so just to tie up the year and put a time limit on the IRS looking into the year. Theoretically, they could open up 1976 if you didn't file a return that year.

Christopher Larson
www.insightlawfirm.com
www.insightlawfirm.wordpress.com

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