i recently won $10,000 at a baseball game and i haven't worked in 2 1/2 years so i have no income for this year except the $10,000. i would like to go back to work. how much can i earn before i have to claim it on my taxes or pay on my taxes. or do i have to claim the $10,000 at all?
2007-09-12 11:19:51 · 3 answers · asked by lovekissedme 1 in Business & Finance ➔ Taxes ➔ United States
Yup, $10,000 is over the limit already, assuming you are single. You'll have to file a return claiming it, and will almost surely owe some tax just on that money.
2007-09-13 19:20:49 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If you're single, you've already exceeded it. For a single taxpayer under age 66 who is not the dependent of another taxpayer, the limit is $8,750. That's for wages, however. Since this is unearned income you have to file if you have over $850. If it was self-employment income the limit would be $400.
2007-09-12 19:38:17 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I think its after $400 of any income
2007-09-12 18:31:42 · answer #3 · answered by falisrm 4 · 0⤊ 1⤋