what is tax return and when do I have to do one?

Question

I am 16

Answer 1

You have to do one by April 15 of the following year after you have made money from a job. If you made a very small amount, you don't have to, but if your employer withheld any money for income taxes, you can file to get it back.

The tax return is basically a form that you fill out that declares how much you made, and then allows you to take certain deductions to find out how much tax you owe. Then if you have paid more, the government will send you a check in a couple of months (depending on when you file). If you have not paid enough money to the government, then you are supposed to send in the money with your return.

Answer 2

A tax return is paperwork you file with the IRS if you have enough income that you might owe tax. If your case, assuming you are single and live at home with your parents, that amount would be $5350 for 2007 if the income is from a job where they take out social security and medicare taxes, or $400 if you have income from self-employment.

If you have to file a return, it's due 4/15 of the following year, so 4/15/08 for a return on 2007 income.

If you have a job and they take out federal income tax but your income is below the amounts above, then you should file a return to get the income tax withholding total refunded to you.

The above is for federal. You might also have state and/or local income taxes - and the limits for filing are often different from federal. Whether you're required to file a state or local return depends on where you live.

Answer 3

You must file tax return if you meet the filing requirements. Your filing status appears to be Single Dependent (as your parents can claim you as dependent).

For Single dependents, you must file a return if any of the following apply.
• Your unearned income was more than $850.
• Your earned income was more than $5,350.
• Your gross income was more than the larger of: $850, or Your earned income (up to $5,050) plus $300.

Even if you don't meet the filing requirements, you should also file tax return if federal or state income tax is withheld from you paycheck to get the tax refund.