answersLogoWhite

0


Best Answer

I assume you mean "have one dependent."

If you earned the money through self-employment, yes.

You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as:

  • uncollected social security tax and Medicare tax on tips or group life insurance,
  • alternative minimum tax,
  • tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account,
  • tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit.

You should also file if you had gross receipts from sale of capital assets (stocks, bonds, real estate) even though you may have had a loss or very small gain. If you do not file, the IRS will assume that your basis was $0 and the full gross amount you received was a short-term capital gain.

If none of the above applies to you, $500 is below the minimum filing threshold for any filing status.

But remember, if you had taxes withheld from your pay or if you are entitled to any refundable credits (such as the Earned Income Credit - EIC), you will not receive them unless you file.

You should also check your state's rules if your state has an income tax, but it is unlikely that any state would require you to file.

User Avatar

Wiki User

11y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: If you earned only 500 and have one do you have to file?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is a good answer for 3000 divided by 6?

500


What kind of file has a name that ends with gif-?

There is only one file that the name ends with GIF. The only file that ends with GIF is saving a picture.


What number goes into 311 and 500?

The only common factor of 311 and 500 is one.


Honor earned by only one president - ford?

Eagle Scout


Can I self petition even though my spouse intends to divorce me?

The court will act on only one petition. If you both file the petitions will be combined into a single case.The court will act on only one petition. If you both file the petitions will be combined into a single case.The court will act on only one petition. If you both file the petitions will be combined into a single case.The court will act on only one petition. If you both file the petitions will be combined into a single case.


How many prime numbers are there in 500?

None. There is only one number in 500. That number is "500" and it is not a prime number.There are 94 prime numbers that are smaller than 500.


What is file name?

not sure but in America there only realy was one


Who can you buy indulgences for?

One cannot "buy" indulgences at all, they are not now, and have never been "for sale". An indulgence can only be earned. It can only be earned for oneself and for the poor souls in purgatory.


What File Types Can the IPod Touch Download?

The AAC file format is all I know. Maybe the only one.


Is there a number that goes into 500 and 437?

The only common factor is one.


What numbers go into 129 and 500 evenly?

There is only one and it is 1


On tax form what do you pay on 5000.00?

Generally, Single under age 65 isn't required to file a tax return for earned income under $9,350 for 2009. A Single/Married Filing Jointly dependent generally isn't required to file for earned income under $5,700. The standard deduction for Single for 2009 is $5,700. Your income is zeroed out by your standard deduction. So you owe no taxes. Although you're not required to file, you should file in certain situations. One, you should file for a refund of any withheld tax. Two, you should file if you're eligible for certain credits (such as earned income, making work pay, etc.).