Is there a set minimum amount of income that you need to make before you are required to file Fed. Income tax?

Question

For example if I've made only about $3,500 and I'm a student do I absolutely need to file, or can I choose not to b/c my wages are so insignicant? Also is there a minimum amount of money designated for filing? Idk how to word that one, but I'm sure you can get the gist of what I'm asking.

Answer 1

http://www.irs.gov/individuals/article/0,,id=96623,00.html

Answer 2

1

Answer 3

That depends on the source of the income, if its from wages reported on a W2 then you don't have a requirement to file, but you might want to file to get any federal tax withheld back as a refund If it was from Self employment income, then you must file a return, along with Sch C and SE to report the income and pay the SS and Medicare Tax and any income tax on your income

Answer 4

If you made over $400 from self-employment, you'd have to file. But as long as this was from a W-2 or something else that wasn't self-employment, then you don't have to file as long as your income is under $5150 if you can be claimed as a dependent, $8450 if you can't be claimed.

But if you had anything withheld for federal income taxes, you should file to get it refunded to you - otherwise they'll just keep it.

Answer 5

Woot, thanks Lin, answered my question too! \('-')/