Someone I know said they didn't have to do their taxes cause they didn't make anything this year. Is this true? If so what is the amount that you have to be below to not have to file?
2007-04-28 07:35:11 · 2 answers · asked by The D 2 in Business & Finance ➔ Taxes ➔ United States
If you have over $400 in self-employment income, you have to file. Income shown as non-employee compensation on a 1099-misc is considered self-employment income.
Otherwise, if you're single and a dependent, you can make up to $5150 before you have to file - if you're single and not a dependent, you can make up to $8450.
There are other limits for other marital and filing statuses. The limits are a little higher for someone at least age 65. These limits are for 2006 - they go up a little every year. Also, they are for federal taxes - and that's the same no matter where you live. Many states also have income taxes, and the limits there vary by state.
2007-04-28 09:01:12 · answer #1 · answered by Judy 7 · 3⤊ 0⤋
Depends on your State. Anywhere from $5,000 - $10,000 I believe.
2007-04-28 14:39:27 · answer #2 · answered by Julia 2 · 0⤊ 4⤋