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Anonymous
February 6, 2020
Question

Not Required to File

  • February 6, 2020
  • 1 reply
  • 0 views

I have not been required to file taxes for the past 20 years because my gross income has been below the required amount. This year I have some investment income and will be filing a tax return. Will this raise any "red flags" with the IRS?

    1 reply

    VictoriaD75
    VictoriaD75
    February 10, 2020

    The IRS does a document match. If you had received investment or salary and wage income in the past, they would have received a copy of the documents. Similarly, if you have this income to report for 2019, they will have received copies of any 1099 forms related to the income. If you have a filing requirement for 2019, be sure to report the income and file. 

     

    The filing requirements for unearned income (investments, interest, etc.) for 2019 are as follows:

    • Either 65 or over or blind greater than $2,750
    • Under 65 and not blind $1,100

     

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