Ok, I am a college student. With all the work from school, I didn't get a job till I was 20 years old, Summer 2006. I worked for about a month and made about $1600 after all the taxes they took off on the checks itself. Well I didn't file a tax return/claim that was due 4/15/07. I honestly am not even sure how all this works. I heard if you make less that $5000, you don't have to file for taxes. Am I out of the clear? I didn't have my second job till this Summer 2007 and made about $2200 after taxes, do I have to file this year? These jobs have been the only income ever, all other money I got was allowance and what not from family. I never got a letter from the IRS, but then again I have moved since then, but I do get my mail forwarded. Do I have anything to worry about? I understand if I owed money I would be in big trouble, but how do I know if I owe money, and how do I know if I get a refund, and tax deductions. Please help me out. I don't mind no refund but I don't wanna pay fines.
2007-12-10 14:58:02 · 6 answers · asked by Wondering 1 in Business & Finance ➔ Taxes ➔ United States
If you don't make over the standard deduction for your clasification(Single or married) you don't have to file taxes..you are OK
2007-12-10 15:02:59 · answer #1 · answered by ? 5 · 0⤊ 0⤋
You don't have anything to worry about - you don't have to file for either of those years - you didn't make enough money to have to. For 2007 the limit is $5350 - it was a little less for 2006. So you aren't in any trouble for not filing.
But if anything was deducted for federal income tax, you can file and get it refunded to you. This is true for 2006 as well as 2007 - as long as you don't owe anything, and you don't, there's no penalty for filing late, and if you file within 3 years you still get your refund. If nothing was withheld for federal income tax, then there's no reason to file either year.
2007-12-10 16:42:54 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
You can file the 2006 return at the same time as 2007 although you are right, not on the same forms. If he has a refund, he won't be penalized and will get his refund. If he owes, there will be penalties for late filing and late paying.
2016-05-22 23:25:11 · answer #3 · answered by ? 3 · 0⤊ 0⤋
First you must know your filing status (Single Dependent or Single Non-dependent).
For Single dependents, you must file a return for 2008 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.
• Your self employed income is $400 or more.
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.
If you are a Single (Non-Dependent) then you must file if your income in 2007 is $8,750 or more.
2007-12-10 19:23:58 · answer #4 · answered by MukatA 6 · 0⤊ 0⤋
Actually, if you make under the minimum you don't owe anything in taxes, but you are obligated to file a return. It can say that you had 0 income though.
Talk to the IRS, get a printout of your wages on record from them and file taxes for the past few years. If you didn't have any income, it's quite simple. If your income was small, it's still quite simple.
For this coming year, I would recommend going online and filing. It's simple and they check for errors automatically. Under a certain income level, it's free. Try H&R Blocks site for one.
2007-12-10 15:08:41 · answer #5 · answered by Meghan 7 · 0⤊ 2⤋
You are not legally REQUIRED to file at those income levels-but you probably want to if they withheld any Federal Taxes so that you can get your money back. If the IRS owes you money they won't complain about it being late-they will even pay you interest.
2007-12-10 16:06:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋