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Answered 2007-01-25 01:42:14

Almost without exception money earned through employment (and not deferred in some type of an approved program like a 401K or such), profits realized, etc. are reportable as income in the period they were received or were receivable even if the actual check is sent or deposited later). You do not need to work for any particular minimum length of time in the period, nor is there is as election as to when you may report them. If your paid from a business entity or employer (rather than from your own business), this will normally correspond to the year identified on the W-2 or 1099 you receive (and the IRS receives) for those earnings. IRS TAX TIP 2007-02 You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple under age 65 generally is not required to file until their joint income reaches $16,900. However self-employed individuals generally must file a tax return if their net income from self employment exceeds $400. Check the

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