What is the mimimum amount that must be reported for federal taxes? Please be specific, if you know the where I can find that info on irs.gov that would be great too.
2007-08-11 04:19:12 · 2 answers · asked by kmcdonald 2 in Business & Finance ➔ Taxes ➔ United States
That depends upon several factors such as your age, dependency status, filing status and the source of the income.
In the case of self-employment income the limit is $400 for all taxpayers. For unearned income such as dividends, interest, rents and royalties, capital gains, etc. it's $850.
For a single taxpayer under age 66 who is not the dependent of another taxpayer the earnings limit for wages subject to withholding is $8,750 for 2007.
Get a copy of IRS Pub 501 from the IRS website. It discusses the filing requirement amounts for other filing statuses as well.
2007-08-11 05:11:11 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
See page 12 of the 2006 1040 Instructions. The 2007 amounts will be slightly higher. You can download the instructions at irs.gov.
2007-08-11 15:11:45 · answer #2 · answered by r_kav 4 · 1⤊ 0⤋