How much money do you have to earn to be able to file income taxes??Is there a minimum??

Question

Is there a minimum amount of income a person has to earn to file taxes?? And what is the minimum to file earned income credit?

Answer 1

The minimum required to file taxes is your standard deduction plus your personal exemption amount. If you made more than that, you MUST file. If you made less and just want your money back that you paid in, then you can still file you're just not required to.

Answer 2

There is no minimum...if you are owed taxes of any size, you can file for a refund.

The EIC question is not straight-forward answer...you have other factors to consider. Check out this Assistance Tool to see if you qualify:

http://apps.irs.gov/app/eitc2005/SetLanguage.do?lang=en

Answer 3

All international earnings is reportable. in many situations, an off-the-cuff "babysitter" isn't an worker for tax applications. in case you've been, your organization must be required to pay his percentage of your social safe practices & medicare and to withhold federal taxes for you in accordance on your w-4. in case you at the instantaneous are not an worker, yet acquire a 1099 kind, than it truly is your said earnings to the IRS. you'd be an self sustaining contractor and characteristic to pay one hundred% of your SS/Med. And relying on how a lot you made, you'll technically favor to make quarterly funds to the IRS to evade consequences. (not adequate element to respond to extra powerful--sorry!) keep in mind, in case you at the instantaneous are not the depending of yet another, you get your individual exemption quantity and a customary (or itemized) deduction, so your tax legal duty ought to nicely be 0. ordinary Rule: earnings from any source derived is almost continually taxable.

Answer 4

There's no minimum for either, but your EIC will be very low if you only made a very small amount.

Answer 5

the last I looked one did not have to file unless one made more than 8000.00 a year.