What is the income limit (upper) for not reporting to the IRS? I've heard everything from $5,000 to $10,000. Please cite an IRS publication if you can. Thanks!
2007-06-25 05:06:01 · 6 answers · asked by miryam.geo 1 in Business & Finance ➔ Taxes ➔ United States
From 2006 1040A instructions.
Single under 65 8450
Single 65 or older 9700
Married jointly under 65 (both spouses) 16900
Married jointly 65 or older (one spouse) 17900
Married jointly 65 or older (both spouses) 18900
There are many more.
2007-06-25 05:15:05 · answer #1 · answered by Barkley Hound 7 · 1⤊ 0⤋
See chapter 1 of IRS Publication 17 - you can download it at irs.gov
There are a lot of different limits, depending on your filing status, your age, source of the income, and whether or not you're a dependent.
If the income is from self-employment, then the limit is $400.
If it's not from self-employment: if you are single and a dependent, $5150. If you are single and not a dependent, $8450. Married filing jointly, $16,900, married filing separately 3300. Head of household $10850.
These are the limits for 2006 - will increase slightly for 2007. Numbers are a little higher for someone age 65 or over.
2007-06-25 13:11:06 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
That depends upon your filing status and the source of the income.
For tax year 2007, the magic number for a Single filer, under age 66 and not a dependent themselves is $8,450 in earnings from wages. For a married couple filing jointly, it will be double that.
For self-employment income it's $400 and for unearned income it's $850 for all filing statuses.
See IRS Pub 501 for more information. The 2007 version is not published yet, but the 2006 number are only slighly lower than the numbers for 2007.
2007-06-25 12:15:30 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
The income limit depends not only on your gross income, but on your filing status, your age, and whether you are a dependent.
The previous answer was correct, except regarding unearned income. Only a dependent is required to file with unearned income of $850 or more.
Table 1 on Page 2 of the following publication shows the income limits for most taxpayers.
http://www.irs.gov/pub/irs-pdf/p501.pdf
2007-06-25 12:37:49 · answer #4 · answered by ninasgramma 7 · 1⤊ 0⤋
You always have to report to the IRS. If you are getting income you must fill out a tax form. However, you will likely not owe anything. Regardless of how little you make you are still required to pay into social security and medicare. Those are known as payroll taxes.
If you fill out your form and end up not owing income taxes and you anticipate making the same next year, you may fill out your W-4 as EXEMPT. All exempt means is that last year you filed and didn't have to pay INCOME tax so it instructs your employes not to deduct any income tax from your pay.
2007-06-25 12:11:01 · answer #5 · answered by chickey_soup 6 · 1⤊ 3⤋
if it is salary you have to report it...no limit.
if it is a 1099 payment, $5,000 is the limit.
2007-06-25 12:08:51 · answer #6 · answered by Anonymous · 0⤊ 5⤋