What is the minimum amount one has to make?
2007-11-19 07:17:32 · 4 answers · asked by camel2575 1 in Business & Finance ➔ Taxes ➔ United States
Generally speaking... (there are exceptions for different statuses... refer to the website below for more explanation and detail)
If you made $5150 (standard deduction for single filers) or less, you don't have to file. But if you had taxes taken out, you should file because you will get a refund.
If you earned more than this amount, you need to file to see if you owe taxes or if you'll receive a refund. The IRS will not care if you don't file if you are owed a refund.
BUT...
If you owe taxes and you do not file... and the IRS catches it... you'll be subject to penalties and/or fines.
2007-11-19 07:32:24 · answer #1 · answered by Jessica's Man 4 · 0⤊ 0⤋
There isn't a minimum amount. But if you make less than $5,000 in 1 year you get 100% back for the standard deduction (well, you did in 2006...I'm not sure the standard deduction for 2007)
2007-11-19 07:26:31 · answer #2 · answered by fuellover2002 2 · 0⤊ 1⤋
Page 6 of the 2007 tax form tells you. It depends on your filing status. Go to: http://www.irs.gov/pub/irs-pdf/i1040.pdf and flip through to page 6 for the amount.
2007-11-19 07:29:35 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If you are an employee, if you make over $8750 in 2007, you must file a return.
If you are self-employed, you must file a return if you made over $400.00.
2007-11-19 07:28:22 · answer #4 · answered by Wayne Z 7 · 2⤊ 4⤋