2007-01-29 11:41:27 · 3 answers · asked by Vanessa H 2 in Business & Finance ➔ Taxes ➔ United States
Of course you do! The IRS already has that information! If you don't list some of it, they WILL come looking for their $$$.
2007-01-29 11:45:14 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No, not always. But, filing will benefit you. If you make under a certain amount you don't have to file taxes for that year but you should. The reason is because if you make under that figure they know you won't owe them any taxes. HOWEVER, you did already pay some because they came out of your check! So when you file they will refund you what you paid! They won't make you file because if you don't file it's just more money for them!
Read the link below. Notice that it says "Even if you do not have to file a return, you should file one to get a refund of any Federal Income Tax withheld."
Don't forget to answer the YES/NO link at the the bottom of the page. Read the whole page, your answer is probably NO... Eventually you will probably get to the question:
"Single and Younger Than 65 - Is your gross income less than $8,450?"
Do a FreeFile with a place like TurboTax. I know the thought of doing your own taxes can sound scary but these FREE programs will walk you through filing your taxes step by step and will file your taxes for free. Then you can just sit and wait for your refund. What have you got to loose?? Either they make you pay a small amount (and you avoid jail) or you get a check!
2007-01-29 20:02:03 · answer #2 · answered by eccentricmommy 3 · 0⤊ 2⤋
Yes the IRS will catch you later if you don't. They will ignore them only if the tax involved is very small like $10.
2007-01-29 19:48:31 · answer #3 · answered by spicertax 5 · 0⤊ 1⤋