how much do you have to make to file taxes and get money back?

Question

ok, so i made $1500 ...do u think i would make any money if i filed taxes?

Answer 1

You must file taxes if you received a W2. You will likely get back whatever was taken out originally, which you can see on the W2.

Answer 2

ETA: Kevin W (above) is incorrect. Not everyone who receives a W-2 MUST file a return. It depends upon your income and dependency status. For example, if you are single, not anyone's dependent, under 65 years old and earned less than $8,450, you are not required to file. However, depending upon the tax credits and tax withheld (discussed below), it may be in your best interest to file.

A tax refund is just that...a refund of taxes you already paid in excess of what you should have. With the exception of tax credits you may be eligible for, you wouldn't "make any money." It was already your money. Generally, a refund determined by:

1) How much was deducted from your pay by your employer, who in turn submitted to the IRS on your behalf compared to how much you should have paid; and

2) Tax credits

Tax credits are applied after the tax due/refund has been calculated on the return. Tax credits are a dollar for dollar reduction in the taxes owed or increase in the refund due. Tax credits are for things like installing energy saving appliances, education, etc.

Assuming you made $1,500 and are not a dependent on someone else's return (your parents?), you may be eligible for an earned income tax credit.

Unfortunately, you have not provided sufficient information to properly advise you. Since it does not sound like your return would be complicated, I would recommend the free service: Volunteer Income Tax Assistance Program (link below) http://www.irs.gov/individuals/article/0,,id=107626,00.html
The volunteers receive training directly from the IRS and will prepare the return for you for FREE! :-) They are very familiar with the tax credits you may be eligible for.

Good luck!

Answer 3

If you had any federal income tax withholding, then yes, if you file, you'll get it refunded if the $1500 was on a W-2. If it was on a 1099, then you will owe self-employment taxes.

If you are eligible for the earned income credit, you could get something there. If you are under 25 and don't have a qualifying child, then you aren't eligible for EIC.

Answer 4

Can't say. If you only made $1,500, you don't have any tax liability. You'd only need to file if income tax was withheld and you wanted a refund. If no taxes were withheld, there's no need to file unless you're eligible for the EITC.