the only form received is 1099int (bank interest) $900 or less and there isn't more income and money to report during the year?
2007-03-11 09:24:32 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Maybe.
If you are not a dependent of anyone else, and the bank interest of less than $900 is your only taxable income, then you do not have to file.
If you a dependent, neither over age 65, nor blind, then if your interest income is more then $850, you must file a return.
Otherwise, you do not have to file a return.
2007-03-11 09:38:05 · answer #1 · answered by ninasgramma 7 · 0⤊ 1⤋
With total income of $900 or less, all from interest, no the person does not have to file a return unless they are a dependent. If they can be claimed as a dependent by anyone, then yes they'd have to file a return.
2007-03-11 13:52:33 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If you can claim yourself as a dependent, then no. If you're single and can claim yourself, you have a standard deduction of $5,150 plus your personal exemption of $3,300, meaning that your income would need to exceed $8,450 to file. However, if you're a full time student and your parents are claiming you, your tax situation is significantly different and you may end up owing tax, depending on your age.
2007-03-11 09:51:14 · answer #3 · answered by SuzeY 5 · 0⤊ 2⤋
Yes, you must file if you have $850 or more in unearned income. Interest is unearned income so therefore you must file a return.
2007-03-11 09:33:56 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 1⤋