Although most Americans are required to file a tax return, there are cases where some taxpayers aren’t required to file. However, it may be in your best interest to file, even if you don’t necessarily have to. If you made estimated tax payments or had federal income tax withheld from your paycheck, you may be due a refund for overpayment. The only way to claim this surplus is to file a tax return.

Also, the IRS offers a few refundable credits, that allow you to receive a refund despite not making enough income to require you to file. Other credits are only claimable if you owe taxes and have to file a return.

These refundable credits include:

• Earned Income Tax Credit – Taxpayers who work, but have low income amounts can qualify for this credit, which is dependent on your income level, filing status, and the number of dependents you claim.
• Additional Child Tax Credit – With at least one qualifying child, you may be eligible for this extra credit if you didn’t get the full benefit of the Child Tax Credit.
• American Opportunity Credit – This credit can provide a maximum of $2,500 for each student enrolled in the first four years of post-secondary schooling. This credit is refundable up to $1,000.

In order to claim the above credits, you’ll need to file a tax return. Just because you’re not required to, doesn’t mean you shouldn’t!