How much money do you have to claim on your income tax return?

Question

I've always heard that if you make over $400 you have to file a return. My husband was told that you didn't have to file anything under $5000. Of course we're going to find out when we have our taxes done but I wanted to know if anyone else knew beforehand. Thank you

Answer 1

It depends on where the income was from. If you have over $400 from self-employment, then you have to file and claim the income - that's because no social security and medicare has been paid on it, and you have to pay that. If you work for an employer and they take out the social security and medicare, they'll give you a W-2 - then a single person who isn't a dependent doesn't have to file if their total income is under $8450 - for a married couple filing jointly the limit is $16,900.

But that limit is on TOTAL income. If you have two W-2's, the total is over the limit but one is just $100, you still have to file the $100 one.

Answer 2

If you're single and under 65, you'd have to earn more at least $8,450. If you're married filing jointly and under 65, you'd have to earn at least $16,900. Self employment is $400. Other monatary conditions can require you file. Any of the 1040 tax booklets explains this.
Although,you may not be required to file a return under these circumstances, you should still file if any taxes were taken out. You can at least get back what you paid in and maybe even qualify for certain credits.

Answer 3

If YOU are not a dependent, and nobody else can claim them, you can file and claim them and get EIC. But since the amount of EIC is based on your earned income, you'd get around $1000. You would not qualify for the additional child tax credit.

Answer 4

400 if self employed and any $ amount if you worked for someone and they gave you a W-2.