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| *Loan,banking and credit>>>tax filing |
What is the maximum you can make and still NOT file taxes?? |
I didnt file taxes last year, but that was because I was of the understanding that if you make a under a certain amount you dont have to. Well now I need to bring my W2 in for school since I didnt file taxes and now Im second guessing myself. Can someone please tell me what that number is!!??? That depends upon your filing status, age, and whether or not you can be claimed as a dependent by another taxpayer. For 2006, if you were single, under age 66, and not a dependent, the limit was $8,450. If you could be claimed as a dependent, the limit was $5,150. Those are the amounts for wages reported on Form W-2. The limits for self-employment income and unearned income (such as dividends and interest) are much lower, $400 and $850 respectively. If you earned more than those amounts, you were required to file a tax return. If you earned less but had income taxes withheld then you SHOULD file a return so you can get a refund of the income taxes that were withheld. Different (and usually much lower) limits apply for state tax returns if you state levies an income tax. For 2007, the limits are $8,750 and $5,350 respectively. The amounts for self-employment and unearned income have not changed. If you are single and make less than $8,450 you do not have to file taxes. For married filing jointly, you have to make less than $16,900. |
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