I'm 17 right now and have a job.. however I heard if you make less than a certain amount, you don't have to file taxes for that year? Is this true and if so, what is that amount?
2006-09-01 14:27:23 · 8 answers · asked by cannon 2 in Business & Finance ➔ Taxes ➔ United States
2.1 Filing Requirements/Status/Dependents/Exemptions: Filing Requirements
How much does a student have to make before he or she has to file an income tax return?
If you are an unmarried dependent, you must file a tax return if your earned and/or unearned income exceeds certain limits. To find these limits refer to Filing Requirements for Dependents in Publication 501, Exemption, Standard Deduction and Filing Information. If part of your earned income is from tips, see Tax Topic 402, Tips .
Even if you do not have to file, you should file a federal income tax return to get money back if any of the following apply:
You had income tax withheld from your pay.
You qualify for the earned income credit.
You qualify for the additional child tax credit.
Refer to Publication 501, Exemptions, Standard Deduction and Filing Information, for an explanation of the five exemption tests and filing requirement rules.
For additional information see Tax Information for Students
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References:
Publication 501
2006-09-01 23:34:51 · answer #1 · answered by BeenDareDoneThat 3 · 0⤊ 2⤋
The amount that you make may not have any impact on whether you need to file a return or not. If your employer withholds federal and/or state income tax, you need to file a return. The reason is that you may have overpaid, or in some cases, underpaid. Your age has no bearing on what you owe, except to the extent that you cannot claim yourself as an exemption if your parents claim you as an exemption on their return. Only once have I seen an instance where the total amount of refund for the family occurred when the child claimed himself as an exemption. Under most circumstances, the parents get the bigger bang for taking the exemption for the child. Play your cards right and maybe your parents will give you the difference between what you could get by claiming yourself and not claiming yourself as an exemption.
Good luck!
Will D
Enterprise AL
http://www.notagz.com
2006-09-01 14:39:13 · answer #2 · answered by Will D 4 · 0⤊ 1⤋
It is true that you may owe zero dollars, but it is in your best interest to file the taxes anyway on a 1040EZ form. It only consists of a few fill-in-the-blanks, so there is no need to have H & R block do it. If you have had any amount of federal income or state taxes withheld on your check, then most definately file taxes.
2006-09-01 14:32:28 · answer #3 · answered by closetcoon_fan 5 · 1⤊ 0⤋
If your standard deduction + personal exemption are more than you income, you are not required to file a tax return. However, if you had income taxes withheld, you WANT to file for a refund. If you are not required to file, your actual tax liability is zero. In that case whatever was withheld is refundable, but only if you file.
2006-09-01 14:42:10 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
This is true, but I'm not sure about the amount. You can probably find it in the tax instruction booklet, which is probably on irs.gov. I think the category is under "Who has to file?" or something like that.
2006-09-01 14:32:14 · answer #5 · answered by IAskUAnswer 6 · 0⤊ 0⤋
It's not about how much you earn. It's about how much taxes the gov. take out of your check every time you get paid
2006-09-01 14:32:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
500 or less. Small employers won't bother pulling taxes out of the first $500.00 you make for this reason.
2006-09-01 14:34:38 · answer #7 · answered by Anonymous · 0⤊ 1⤋
if you make a dollar the gov can legally take up to 18 cents.
2006-09-01 14:34:22 · answer #8 · answered by melbel 3 · 0⤊ 1⤋