Tax Season’s Top 5 Most Frequently asked Tax Questions and Answers
Checked-Tax Season’s Top 5 Most Frequently asked Tax Questions and Answers

April 15 is the deadline for tax payments. At this time, filers have so many questions with regard to tax. They can range from 'Do I need to file my taxes?' and 'Who can I claim as a dependent?'

There can be so many questions, but here is a list of the most common tax questions from taxpayers.

1. Is there is a need to mention my healthcare coverage on my taxes?

The answer is yes, there is a need to report it for the first time. Taxpayers need to report their healthcare status at the time of filing their taxes.

2 What is the Earned Income Credit and how to determine the amount?

The Earned Income Credit is a refundable tax credit given to taxpayers who earn to low-to-moderate income from job or being self-employed. The amount can be determined through income and number of qualifying children.

As per the IRS, around six million taxpayers eligible for the Earned Income Credit don't claim for the same. Many of them do not claim it because they are not aware who they qualify.

3. Who can I claim as a dependent?

The answer is very simple. If you are supporting someone with whom you living then you can claim him or her as a dependent. Beyond the home it is important known that if you provide more than half the support to a family member then they may also be counted as a dependent.

4. I have not made enough money last year, so do I need to file my taxes?

Americans need to file a 2014 federal income tax return even if their total income is below the IRS filing requirement for individual. There is a need to file the return to get the refund on any withheld federal income tax.

5. When can I get back my refund?

The IRS expects to issue 9 out of 10 tax refunds within 21 days for the ones who have e-filed with direct deposit. For paper returns, refund could take four weeks or more.

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