Our son took a year off work. He starts work again next week but he quit his job end of 2019 and no income for all of 2020.
He usually files using my copy of TurboTax so it won’t cost him anything to file. He owes nothing in taxes and is owed nothing. He recently received his $600 stimulus payment.
I think he should file just to maintain a filing record with the IRS.
Anyone have any thoughts or suggestions?
https://www.creditkarma.com/tax/i/who-files-taxes
He usually files using my copy of TurboTax so it won’t cost him anything to file. He owes nothing in taxes and is owed nothing. He recently received his $600 stimulus payment.
I think he should file just to maintain a filing record with the IRS.
Anyone have any thoughts or suggestions?
https://www.creditkarma.com/tax/i/who-files-taxes
Finally, it may still be a good idea to file a tax return even if none of the above situations applies.
That’s because filing a return starts the clock on the statute of limitations. In general, the IRS can go back three to six years to audit your old tax returns unless it identifies a substantial error that can add additional years. But that time frame doesn’t start until you actually file a return.
So even if you didn’t earn enough to trigger a filing requirement, you might want to make sure the IRS can’t come back a decade later and ask why you didn’t file a return for a specific tax year.