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How much money do you have to earn in order to file income taxes? |
How much money do you have to earn in order to file income taxes? It depends, in part, on your filing status, age, and gross income. Gross income includes all income you receive in the form of money, goods, property, and services that is not exempt from tax. Even though your gross income was less than the amount stated for your age and filing status, you may have to file a tax return. Just how much money it takes to reach that filing-amount level is adjusted each year by the IRS. For example, the filing requirements for 2005 were as follows: Single, under 65, and your gross income was at least $8,200. Single, 65 or older, and your gross income was at least $9,450. Married, filing a joint return, you and your spouse were both under 65, and your gross income was at least $16,400. Married, filing a joint return, one spouse is 65 or older, and your gross income was at least $17,400. Married, filing a separate return, and your gross income was at least $3,200, regardless of your age. Head of household, under 65, and your gross income was at least $10,500. Head of household, 65 or older, and your gross income was at least $11,750. You must file a tax return if you had net earnings from self鈥揺mployment of $400 or more. Net earnings from self鈥揺mployment is your total self鈥揺mployment income less the expenses paid in operating your trade or business, multiplied by 92.35%. Even if you are not required to file a tax return, you should file a return if you are due a refund. This is the case for individuals who may be eligible for certain tax credits that could mean money back from the IRS. The same is true if you had a job, didn't meet the earnings filing threshold, but your employer withheld payroll taxes. Source(s): http://www.SmartTaxInfo.com I think its $10,00 ore more a year, but Im not sure. Anything you earn will be taxed, you must always file for income taxes when you earn money. u forgot to mention country , ur type of work . Go see a CA you can file an income tax return on any amount of income if you are due a refund. filing requirerments change every year and depend on filing status(single,married,etc)and on amounts of other income you may have (interest income etc). |
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