do i still have to pay taxes?

Question

i have no job

i make $250-$400 a year in interest throguh CDs

do i still have to file my taxes?

would i get money back or would i owe?

Answer 1

you have to file when your interest income exceeds 400 dollars but probably wont owe tax since the standard deduction should offset your gross earnings

Answer 2

Assuming that you're not able to be claimed as a dependent on someone else's return (such as your parents), as long as your income does not exceed your personal + standard deduction, you will not owe any taxes (which in this case, as you only make $250-400 in interest, you won't owe). However, you're not going to get a refund either. You will neither owe or be owed.

As your income does not exceed your standard deduction & personal exemption, you wouldn't need to file a return anyway.

There is a $30 refund for phone taxes for the 2006 tax year, but as I doubt you pay for a landline (I'm assuming you're a minor), don't worry about anything.

Answer 3

If this is your only income, you would not need to file. If you had any taxes withheld, you should file to get these refunded. There may also be credits you are entitled to even if you owe no tax. For 2006 there is a credit for a refund of telephone excise tax paid (at least $30), so you may want to file just to get this money.

Answer 4

With that minimal income you are below the filing requirement amount which is $850 for unearned income. You do not need to file. If you did, you would owe no tax and would not get any refund.

Answer 5

If that's your entire income for the year, then no, you don't have to file taxes - but how do you eat?

Unless you had money withheld from the interest and sent in to the IRS, you wouldn't get money back because there wouldn't be anything to get back. But on that income, no, you wouldn't owe anything either.

Answer 6

You should not have to *pay* any taxes on that interest, as long as that really is your only income. HOWEVER, I'm pretty sure you do need to file your income tax return with the IRS each year, and declare the interest and show them you owe nothing. You should be able to use form 1040EZ... 1 quick and painless page.

Depending on your state, you probably have to file state taxes as well... most states have an equivalent EZ type form that is comparable to the Federal one.

Answer 7

It's a little late to be asking this. Tax day was April 15.

Answer 8

You don't have to file. However, it would be in your best interest to file since you may get a refund. Especially if there are other deductions for you to take.