Individual Tax FAQs

Do I have to file a tax return?

It depends. DWD recommends that you file a tax return if you receive any income other than social security benefits. We recommend this to begin a statute of limitations for IRS audit. The IRS has published a list below, Table 1-1.2016 of filing requirements for individual taxpayers.

For 2016 you must generally file if the following pertains to you:

How long do I need to retain my tax records?

DWD recommends you retain your tax returns for at least 7 years. We recommend you retain your tax returns permanently if there are any issues that require lifetime tracking, i.e. basis schedules. The IRS has a statute of limitations on making assessments within three years after a tax return is due or was filed, whichever is later. If the IRS believes there is underreporting of income, they can request up to 6 years worth of tax records

Source documents such as W-2 and 1099s we recommend you retain for 7 years.

Who can I claim as a dependent?

A taxpayer can claim a “qualifying child” or “qualifying relative” as a dependent. There are specific requirements in order to claim the dependent. Claiming a dependent when it comes to divorced parents can be more complicated. In most cases an additional form must be attached to the return for noncustodial parents.

When is my tax return due?

Individual income tax returns are due April 15th. If April 15th falls on a weekend or holiday, then the due date is the next business day after April 15. Your 2017 tax returns are due on or before Tuesday, April 17, 2018.

How much can I contribute to my HSA?

In 2017 the self coverage contribution limit is 3,400. For Family coverage the limit is $6,750. If you are age 55 or older you can contribute an additional $1,000. In order to receive the deduction for contributions to your HSA, you must make the contribution on or before the date your tax return is due. For 2017 you have until April 17, 2018 to max out your 2017 HSA contribution.

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