What is the minimun amount of money I have to make to be able to file income tax? I heard it was $4000 but I am not sure. Also, if I file income tax my parents cant claim me as a dependant right?
2006-11-24 15:38:43 · 5 answers · asked by st_al_xii 3 in Business & Finance ➔ Taxes ➔ United States
If your parents claim you as their dependent AND your unearned income (interest, etc.) is $250 or less, then you will need to file a tax return if your total income is $5150 or more.
Filing a tax return does NOT mean your parents can no longer claim you. This is a common misconception. If you are under 19 by December 31st, or if you are under 24 and a full-time student, your parents can claim you as their dependent as long as you don't pay over 1/2 of your own living expenses. If you are 19 or older and not a full-time student, or if you are over 23, then your parents can only claim you if your taxable income is $3,300 or less AND they pay at least 1/2 of your living expenses.
If you are not sure about whether they should claim you, check out Chapter 3 of Publication 17 (attached).
By the way, just because you may not HAVE to file, you should still file if you had federal taxes withheld. If your box 2 on your W-2 is more than what it would cost you to file a tax return, file anyway.
Finally, all of this is for federal tax purposes only. Check with your state for filing requirements.
2006-11-24 15:48:16 · answer #1 · answered by TaxMan 5 · 0⤊ 0⤋
If you meet the rules for your parents to claim you, then you have to file if you make over $600, and yes, your parents can still claim you.
If you can't be claimed as a dependent, then the amounts to be required to file are much higher. Last year for a single person it was $8400, and that will probably go up a little bit this year.
If you had any income taxes deducted, or if you're eligible for the earned income credit, you should file to get your refund. If you're under 25 and don't have a qualifying child, then you're not eligible for the earned income credit.
2006-11-25 09:28:05 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I think it's $10,000
yes, if your file your parents cannot file with you as a deduction
but if you only made $4,000 then they can claim you
However you may be due a refund on the $4,000
so if you continue to work then you should examin having less taken from your check for taxes
2006-11-24 23:46:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The min amount of income to file for this year is $10.000.
Also, if youn are a full time student and either living at home or your parents are supporting you at school etc, they can still claim you!!!.
2006-11-24 23:43:11 · answer #4 · answered by unitedchildrensbooks 1 · 0⤊ 0⤋
If you made over $600 you have to file. And if you qualify as a dependant in IRS rules, yes your parents can claim you.
2006-11-24 23:41:21 · answer #5 · answered by TCPBCP 2 · 0⤊ 1⤋