this is to end an arguement. my step-dad seems to think that you only have to file your taxes if you owe something, he claims if you owe nothing you can file every two years. is there any truth to this? or is he just being dumb?
2007-03-26 15:56:31 · 2 answers · asked by Nicole 3 in Business & Finance ➔ Taxes ➔ United States
I'll be polite and say that he's pulling your leg. Any year that your income exceeds the filing requirement amount requires you to file a tax return, whether you owe, are owed, or break even.
As a practical matter if you have a refund coming the IRS won't be pressing you to file a return since they get to hold on to your money until you do file and if you wait too long (3 years) you lose your right to your money completely. But that doesn't change the fact that you need to file a return to stay legal.
2007-03-26 16:15:53 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Well, he's wrong. Any year that you make over a certain limit that depends on your filing status and type of income, then you are required to file.
2007-03-26 16:00:41 · answer #2 · answered by Judy 7 · 1⤊ 0⤋