Is this true. I am 27, and single, I did not make much last year because I was disabled from a car accident. I was not even able to collect disability, the insurance company did not pay out. I had to live off my savings. So I only made money last year for about 6 months, do I still have to do my taxes? If yes, or no, how much must I have made that makes me file taxes, and how much is it to not file taxes? Also, do I have to claim the interest I paid on my home, or is that up to me, and benefits me if I want to use it right?
2006-08-19 17:03:36 · 15 answers · asked by Tracy L 1 in Business & Finance ➔ Taxes ➔ United States
How many months you work does not decide that. Many other factors come into play, including how much you made, what other income you had, etc. There is not enough information here to answer your question.
Boy, you sure got your 5 points worth with your question. I counted 4 question marks and many more questions.
2006-08-20 14:26:09 · answer #1 · answered by arejokerswild 6 · 1⤊ 0⤋
Last year if you are single with no dependents and made less than $8200, then you were not obliged to file, although if you had anything withheld, you should file and will get it all back. If you made $8200 or more, then you were required to file.
Whether you claim the interest you paid on your home that you live in is up to you. If your itemized deductions, including this interest, house taxes, and any other deductions you have add up to over $5000, then it would benefit you to itemize.
On an earlier question, you asked about interest on two homes that you rent out - that's a whole other issue which changes everything. The IRS doesn't consider a property your "home" if you don't live there. Interest can be deducted, as well as other expenses of maintaining the rental properties, but you still have to claim the full rental payments as income, then deduct the expenses, and the $8200 total income to be required to file includes the net from your rental income after you deduct your expenses. And while the interest is deductible, the entire mortgage payment isn't since the part that's paying principle is accumulating for you in your equity in the property. If you live in one of the properties and rent out just part of it, the rules get even trickier.
2006-08-20 19:58:13 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
At the end of the year add up all the income you received from all sources, then look at the instructions for the tax forms or go to www.irs.gov or call the toll-free number and ask. You'll be surprised how low the figure is, though. If you have to file, do it or submit an extension by 4/15. Otherwise the IRS will calculate what they think you owe them. You don't have to claim interest you paid, but if you have to file and it's worth itemizing, don't leave it out.
2006-08-20 00:19:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The amount to be completely exempt from filing taxes is very minimal, so odds are, if you worked at least half of the year, then unfortunately you at least have to calculate your taxes owed or your refund. Your taxes are a percentage of your income and adjust accordingly. You can claim the interest on your home if it meets certain criteria, and you may also be able to claim medical expenses for deductions. Again, special criteria apply to these deductions. It may be possible with the level of income you had last year and the number of deductions you may be entitled to, that you will be entitled to a refund of all taxes withheld from your pay. File away, it quite possibly will be to your favor.
2006-08-20 23:09:53 · answer #4 · answered by Freddie 3 · 0⤊ 0⤋
You do not have to file a federal income tax return if you make less than your standard deduction plus your personal deduction. For 2005, that amount is $8,200.
However, you should file in order to reclaim any income taxes that were withheld. In addition, you may qualify for the Earned Income Credit and possibly get back more than you paid!
If you made more than $8,200, you should file a long form so you can claim your medical expenses and the interest on your mortgage and real estate taxes on Schedule A (itemized deductions). Because you can only reduce your income to zero, filing a long form if you made less than $8,200 gives you no benefit.
2006-08-20 07:32:34 · answer #5 · answered by HoneySuite 5 · 0⤊ 0⤋
Nothing about the Internal Revenue Code is cut and dried. Generally if you are single and claiming yourself, you do not have to file if you make less than $8200. There are many many exception. It might be to your benefit to file and get a refund of the taxes that were withheld.
2006-08-20 02:06:37 · answer #6 · answered by lcmcpa 7 · 0⤊ 0⤋
Short answer, if your taxable income using the standard deduction is $0.00, you don't have to file. If you are due a refund the only way to claim it is by filing. The following link is an IRS publication titled 'Do You Need to File a Federal Income Tax Return?'
http://www.irs.gov/individuals/article/0,,id=96623,00.html
2006-08-20 16:04:16 · answer #7 · answered by STEVEN F 7 · 0⤊ 0⤋
YES!!! File your taxes and claim:
the interst you paid on your home
the medical expenses
as head of household -if you have children
and if you do have children, claim them as dependants if possible.
Also claim all donations you made and got a reciept for.
You will probably get a nice refund if all these things you claim add up to be enough....and I would think it should!!!
2006-08-20 00:15:35 · answer #8 · answered by Wildflower 3 · 0⤊ 0⤋
If you make between $5 and $15 dollars, you will owe $1 in tax. It goes up from there. So, yes, you will probably have to pay tax. If you're lucky--and likely so--enough was withheld to not only cover it, but to give you a refund.
2006-08-20 03:52:47 · answer #9 · answered by misslabeled 7 · 0⤊ 1⤋
For the love of Pete, FILE!
It sound to me like you had a loss this year, and even if you file and do not get a refund, you can carry that loss forward and use it next year.
2006-08-20 00:22:13 · answer #10 · answered by Walking Man 6 · 0⤊ 0⤋