Is there a age limit when you are exempt from filing a tax return?

Answer 1

No. It is all based in income not age.

Answer 2

heee heee, sorry no matter what age you are, if you have "earned" income or any income like stock and bond etc. your taxed up to a limit.

There are in general 9 elements in a federal income tax return.

1.Filing Status
2.AGI
3.Minus Deduction
4.Minus Exemption
5.Equal to Taxable Income
6.TAX is base on taxable income
7.Minus Credit
8.Minus Payment
9.Equal Tax due/ Refund

1) Filing status how U.S. government declare you under a particular category, it may be “Single”, “Married Joint”, Married Separate”, or “Head of Household”

2) AGI (Adjusted Gross Income) or another word INCOME. Any and all income be it from selling stock to wages.

3) Deduction, there is 2 kind and they are Standard and Itemized.
If you use Standard deduction for the year 2006 and if you are US legal resident and filing status is single then it is $5,150.00. which mean if you earn $5,150.00 or less it’s not taxable.

4) Exemption is something every one has however if you are "dependent" which means your under the age 18, living with your parent and they provid more then 50% of your living support then you can NOT take your exemption for them self.

In the year 2005 the exemption is $3,200.00 that means if you earn less then $3,200.00 then there will be no tax.

5) Taxable income is the result when you take AGI minus Deduction minus Exemption. If your Deduction and Exemption are greater than your AGI then you have no Taxable income.

6) TAX is base on taxable income; you may be using a tax table or a schedule to find that amount,

7) Credit is there to reduce your taxes, Credit is better than Deduction and Exemption because it reduce tax

8) Payment is any money pay into the federal income tax accounts are it withholding or estimated tax.
Please also note that some credit is treated like payment like (EIC) because they are payment from the government.

9) Tax due/Refund is result from the calculation. If the tax is greater then credit and payment then it is a tax due. If the tax is less then credit and payment then it is a Refund or a –0- balance.

ok so in short if you earn less then $ 5150.00 this year then you have nothing taxable so you really don't have to file you federal or state. if you earn more then 5150.00 then ya you do.

Answer 3

No. There is no age limit when you are exempt from filing a tax return. However, if you have a child that is under 14 years old and the child has a savings or brokerage account that only has interest or dividends for the year, the parent can claim that on his/her own 1040. If there were sales of securities, no. The child will need to file his or her own tax return.

Hope that helps.

Answer 4

There's no age limit. As long as you are doing something or own something that is "taxable", you must file a tax return.

Answer 5

No, it's how much income you have, not how old you are.

Answer 6

No.