I always filed because I got EIC but this year my income shot up to 35000 and I will only get 700$ EIC- can I just not file?
How much do you have to make before you pay more in taxes than you get returned?
2006-09-09 18:24:24 · 8 answers · asked by lazy_n_spoiled 2 in Business & Finance ➔ Taxes ➔ United States
I don't know your whole situation but there is 99.99% chance that you need to file.
As to your second question, when you fill out your W-2 at work, you indicate how many exemptions you want. Some people put zero, one, two, etc. This is one of the factors for how much is taken out of each paycheck for tax. You could make 5000 one year, but if you didn't have very much taken out of your paycheck you could owe money to the government. Likewise, if you made 80 million dollars and you set it up so that each paycheck you would have more tax witheld than needed, you could get money back at the end of the year.
2006-09-10 02:55:10 · answer #1 · answered by cr_productions2000 1 · 1⤊ 0⤋
You are required to file. Last year, for status married filing joint, you were required to file if you made at least $16,400. The number will probably change a little for this year, but not much.
Depending on your exemptions and deductions, you might or might not owe taxes more than your EIC If you're getting the EIC with $35K income you must have two or more kids - if you're married filing joint, with 2 or more kids, you might not owe taxes by the time you get the child tax credit, so the $700 might end up all yours. But in any case, even if you owed, you're required to file.
2006-09-10 22:14:11 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes you have to file. If you make more than $300 a year you have to file. You may get money back so file for it. At $35k you will be paying about 12% in taxes ($4200) before any adjustments. If you end up owing, the government can and will make you pay it back with penalties and interest.
2006-09-10 03:13:13 · answer #3 · answered by J O 2 · 0⤊ 0⤋
I understand your reluctance, but you have to understand that our society runs on give and take. If no one gives, no one can take. The pot is empty. Your EIC is a great thing, but now that you make more, how about contributing to the system that has allowed you those benefits? How self-cenetered are you?
No matter what, you need to file every year. It's not all about you.
2006-09-10 04:46:51 · answer #4 · answered by misslabeled 7 · 0⤊ 0⤋
If you don't file, the government will eventually track you down. I'm not sure how much you have to make before you have to pay in.
2006-09-10 01:27:09 · answer #5 · answered by ariannaandtjsmom 2 · 0⤊ 0⤋
if you don't file, the government will kindly "remind" you that you could be eligible for more money back. In your case, you already know this and you know how much. You can send in the papers that they remind you with or you don't have to (i dont think). but hey....i'm with the first answer: i'll take the money! haha
2006-09-10 01:57:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if you dont want the 700 file any way and send it to me!!!!!!!!
2006-09-10 01:25:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I don't have.
2006-09-10 01:26:31 · answer #8 · answered by Janice Tee 4 · 0⤊ 0⤋