Is there a number amount of money I need to earn before I am required to file for taxes? What other reasons are out there that allow you not to file for taxes?
2006-09-12 05:21:10 · 4 answers · asked by Cool Dude 2 in Business & Finance ➔ Taxes ➔ United States
Judy answer is correct but incomplete. If instead of a w-2 you receive a Form 1099-Misc you must file if your income is above $400.00. If you are dependent on another taxpayer, you must file if your income is more than $5,000.00. For more information go to www.irs.gov and look for Pub 17
2006-09-12 10:02:53 · answer #1 · answered by NANA 3 · 0⤊ 0⤋
The cutoff for having to file depends on your filing status, and whether or not you're 65 or over. Basically, the cutoff is the total of the personal exemption ($3200 last year) and the standard deduction ($5000 single under 65, $10,000 married filing joint, under 65) for your status. The numbers change a little every year, but not much. So last year someone single and under 65 did not have to file if their income was under $8200. Limits are a little higher for people over 65.
Even if you don't have to file, you might still want to - if anything was withheld for federal taxes, you'd get it back if you file, otherwise you wouldn't. And there's an Earned Income Credit that you might be eligible for if you're low income and working - you won't get that either if you don't file.
2006-09-12 12:49:54 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
The general rule is if they give you a W-2 form you have to file the taxes on it. If you work for a temporary position and you are do not get a W-2 than you didn't make enough to take taxes. I believe you have to make under 1000 dollars in order to not file taxes. There are really no other instances when you don't have to file for taxes. You can always contact the IRS for more specific answers
2006-09-12 12:34:19 · answer #3 · answered by butterflykisses427 5 · 0⤊ 1⤋
dont pay taxes
2006-09-12 12:26:36 · answer #4 · answered by Anonymous · 0⤊ 1⤋