But I have to fill out a w-9 form, what if I am below 18 and have no income. How am I supposed to fill out an income tax form?
2006-12-01 13:34:03 · 3 answers · asked by w_xsoadx_w 2 in Business & Finance ➔ Taxes ➔ United States
But I have to fill out a w-9 form, what if I am below 18 and have no income. How am I supposed to fill out an income tax form?
So I'm going to have to pay the IRS?
2006-12-01 14:09:53 · update #1
You don't have to file taxes if your income is below a certain amount, 8500 last year. So don't worry about filing taxes over a couple of gifts.
2006-12-01 16:37:35 · answer #1 · answered by nyboi630 3 · 0⤊ 0⤋
If you are a student, then you have to report the income, but it is exempt from taxes. They just want to know who's money is going into who's hands. The exemption is for a certain amount (you can't earn a million dollars as a tv actor and pay no taxes), but I don't know what that amount is. It's several thousand dollars, though. Unless they gave you a new Hummer or something, I wouldn't worry about it. The IRS has bigger fish to fry.
2006-12-01 14:33:02 · answer #2 · answered by normobrian 6 · 0⤊ 0⤋
The W-9 is a request to provide your taxpayer identification number to Microsoft. They need it to report the 'gifts' to the IRS. Your social security number is the number they need. BTW, you do have 'income', the value of the gifts is considered income.
2006-12-01 13:55:27 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋