Review Your Results
- True or False: If you request a tax filing extension, you have until October 15 to pay and file your taxes.
False. Although a filing extension gives you an additional 6 months to file your taxes, you must pay your taxes by the original filing deadline to avoid penalties and interest fees. - What does ITIN stand for?
- International Taxpayer Identification Number
- Income Tax Identification Number
- Individual Taxpayer Identification Number
- True or False: If you owe a government debt, such as unpaid child support, or have a defaulted federal student loan, your tax refund can be taken to pay down the debt.
True. This is known as a Tax Refund Offset. If your refund is used to pay down a debt, the Department of Treasury will send you a notice reflecting the original refund amount, the amount taken, and the agency receiving the money. - If you don’t file your tax return by the due date and owe taxes, the failure-to-file penalty is:
- 5% per month
- 2.5% per month
- .5% per month
- There is no penalty fee
- True or False: If you made money on a side hustle but didn’t receive a 1099, you don’t have to report the income to the IRS.
False. Even if you don’t receive a 1099, you are required by law to report all income earned on your tax return. This includes money earned from selling items for a profit (like concert tickets), rideshares, or even babysitting. - Which tax form can an individual taxpayer use to file 2023 income taxes?
- 1040-EZ
- 1040-A
- 1040
- Any of the Above
- True or False: If you get divorced on December 31, you must file as single or head of household even if you were married during the year.
True. If you are legally separated or divorced at the end of the tax year, you must file as single unless you meet the qualifications for head of household. You cannot file as married filing jointly unless you remarry before the end of the tax year.
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