I had a job at the beginning of the year for a brief amount of time before the business more or less folded. I have not yet recieved a W2 (I know I have some time left), and I'm worried I may not get one. However, I really didn't make that much money at this job, and I remember reading somewhere that if you make less than a certain amount, you don't have to report it on your taxes. Is that true? If so, what is that amount?
2007-01-31 06:13:16 · 7 answers · asked by aldera22 3 in Business & Finance ➔ Taxes ➔ United States
The limit if you're claimed as a dependent is $5150. If you're single and not a dependent, it's $8450. Other statuses have other limits. These assume that you were an employee and had social security and medicare taxes withheld. If they weren't withheld, then you're considered as self-employed and would have to file if you made at least $400.
Note that these limits are for the total of all jobs you had in 2006, not just an individual one if you also had others.
If you don't get a W-2 from the company, but have your last pay stub, you'll need to talk to the IRS but will be able to file based on that paystub.
2007-01-31 16:45:57 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If your total income for the year was less than $600, you do not have to pay taxes. You may have to file a return to get a refund of any taxes paid. If, however, you earned more than $600 from any and all sources combined, you must report all income from any source. If you do not receive a W-2, pay taxes and file based on the information on your last pay stub from that employer ... which I am sure you saved in a safe place.
2007-01-31 14:22:27 · answer #2 · answered by Roberta 4 · 0⤊ 1⤋
Doesn't anybody read their tax booklets any more?
Single taxpayers under 65 do not have to file a return unless their income is more than $8,450.
People that are self-employed must make at least $400.
There are other situations that would require you to file.
Even if you're not required to file a return, you should, so you can get back what you paid in, plus maybe the EIC.
2007-01-31 15:18:53 · answer #3 · answered by Celeste 6 · 0⤊ 1⤋
I don't think it is true. Everyone with income must file. You may also be eligible for earned income credit if the income is below certain threshold. So, you may get paid by Uncle Sam in some cases. Check it out tax prep online services such as the ones listed here with some great deals http://www.redtagdeals.com/tax_preparation_online-coupons
2007-01-31 14:56:13 · answer #4 · answered by weight-loss 2 · 0⤊ 1⤋
wrong. any W-2 based income must be reported regardless of amount. 1099 self-employed income of $600 is different scenario.
2007-01-31 14:22:07 · answer #5 · answered by vegas_iwish 5 · 0⤊ 0⤋
I'm pretty sure that it's anything under $600, although one place of employment sent my husband W-2's for one day's worth of work. (He quit after the first day..... bad, bad place.)
2007-01-31 14:22:51 · answer #6 · answered by punchy333 6 · 0⤊ 1⤋
legal earning will be taxable but under the table won't be, so u have to report it on ur taxes if u get legit paycheck.
2007-01-31 14:21:29 · answer #7 · answered by lol 1 · 0⤊ 1⤋