Sorry, the question is pretty vague. I primarily work one job, in 2006 I took on a new job just to make a few extra bucks, I worked there for two hours then quit. After Social Security and Medicare were deducted, I made a total of 13.85 on the one paycheck I earned from them. No Federal or State taxes were deducted from my check.
The question is, do I need to report this income to the IRS? I need to file a tax return NOW and I'm tired of waiting for this W-2 to come in the mail. I have to file quickly because I am starting school and need to file a FAFSA.
2007-01-28 00:47:06 · 6 answers · asked by Thomas W 1 in Business & Finance ➔ Taxes ➔ United States
Technically you don't have to file because it's such a low income. As far as your FASFA they want the tax returns of your parent or whom ever claims you as a dependent. If you are independent then you woul need to file that 13.00 and to include other sources of income(they know you can't live on $13 alone).
2007-01-28 00:58:42 · answer #1 · answered by akilah1920 2 · 0⤊ 1⤋
Yes, you need to report ALL income. If you don't, the IRS will bounce your return. If they don't catch the error before April 17, 2007 there will be penalties and interest on the unpaid taxes.
You'll have to wait for the W2, there's no real way around that. Your FAFSA instructions should explain how to account for your 2006 income if you can't file your return by the FAFSA application deadline.
Please ignore the 2 answers above me! They are utter gibberish!
2007-01-28 08:52:42 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
If all your income is from jobs, then if you can be claimed as a dependent you have to file if you made over $5150; if you can't be claimed by anyone, then you have to file if you made over $8450. This assumes that you are single. And yes, you have to report all income, even the very small one.
Your W-2 should show up in the next week or so. They are required to mail them by Jan 31.
2007-01-28 13:40:33 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
I would say yes. If you have a pay stub I might check with a tax consultant to see if I could file that in lieu of the W2. Chances are where you worked had to file tax also and surely reported your wages. If in doubt call the IRS or seek out a tax consultant.
2007-01-28 09:00:29 · answer #4 · answered by DeSaxe 6 · 0⤊ 1⤋
no u dont dont wait go do your taxes when it comes save it file it next year you can do that ok
2007-01-28 08:50:43 · answer #5 · answered by maluvsbluecarnations 1 · 0⤊ 3⤋
$10,000.00 i believe
2007-01-28 08:51:14 · answer #6 · answered by Staying Quiet 3 · 0⤊ 3⤋