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How do you know when you are not required to file an income tax return?
Wiki User
∙ 17y ago
Only people who are employees receive a Form W-2. Many others receive other forms, generally in the 1099 series that identify earnings. Many don't receive any forms, but because of self employment, or other sources of income from other places or reasons, have income (interest, winnings, profits, etc.) that require them to file a return. Receiving, or not receiving a form is NEVER the indicator or excuse for not filing a return. Anyone may file a return. It is generally a good idea for many reasons. Many people who may not have to file a return (generally because their earings are too low), will benefit substantially by doing so...because of the many government programs that provide benefits to those same people. 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
Wiki User
∙ 17y ago
Anonymous
When will i Be receiving my income tax
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Do you have to pay income tax on money earned while working after age 72?
Sure and you already know that you will have to do this. Age is NOT one of the requirements of when a person MUST FILE A INCOME TAX RETURN. When you have the amount of taxable income for your filing status to meet the MUST FILE A INCOME TAX RETURN you can be any age as long as you are still breathing you will be required to file your 1040 income tax return correctly and pay the amount of income TAX that may be due on all of your gross taxable worldwide income.
How do you know if you are supposed to file an income tax?
See the Tables 1, 2, and 3 on pages 2, 3, 4 of Publication 501 to see if you are required to file a federal tax return: http://www.irs.gov/pub/irs-pdf/p501.pdf See the instructions that come with your state tax forms or the web site of your state tax department to determine if you are required to file a state tax return. If you are NOT required to file, but you had income tax withheld from your wages or other payments, you should file anyway in order to get a refund.
Do you have to file your federal income tax every year?
If you want to know if you can just add your income and withholding from two years together and file it all at once, the answer is no. Taxes have to be computed and reported separately for each year. If you had a refund coming from 2007, you can't just add it to your 2008 return. If you should have filed a return from a previous year but have not yet done so, you can still obtain old forms from that year and file now. The determination of whether you are required to file a return is done separately each year. If you don't have a lot of income and aren't expecting a refund, it is quite possible that you may be required to file in some years and may not be required to file in other years. If your income is below the minimum amount for required filing, you may skip that year if you wish. But remember that if you were due a refund, you will be forfeiting it.
How do you find out what your EITC will be?
You will not know the correct amount of your possible EITC until you complete your income tax return correctly and have it ready to file.
Which states have a free state tax return?
If you need to file a state income tax return you can file for free at an online site and it will transfer it to the irs. If you know the basics the program will walk you through the filing process step by step.
Do you have to pay income tax on money earned while working after age 72?
Sure and you already know that you will have to do this. Age is NOT one of the requirements of when a person MUST FILE A INCOME TAX RETURN. When you have the amount of taxable income for your filing status to meet the MUST FILE A INCOME TAX RETURN you can be any age as long as you are still breathing you will be required to file your 1040 income tax return correctly and pay the amount of income TAX that may be due on all of your gross taxable worldwide income.
How do you know if you are supposed to file an income tax?
See the Tables 1, 2, and 3 on pages 2, 3, 4 of Publication 501 to see if you are required to file a federal tax return: http://www.irs.gov/pub/irs-pdf/p501.pdf See the instructions that come with your state tax forms or the web site of your state tax department to determine if you are required to file a state tax return. If you are NOT required to file, but you had income tax withheld from your wages or other payments, you should file anyway in order to get a refund.
If you are over 80 do you have to pay income taxes?
You can be over 100 years of age and could still meet the requirements of having to file an income tax return. Age does not have anything to do with the requirement to have to file an income tax return.
Do you have to file your federal income tax every year?
If you want to know if you can just add your income and withholding from two years together and file it all at once, the answer is no. Taxes have to be computed and reported separately for each year. If you had a refund coming from 2007, you can't just add it to your 2008 return. If you should have filed a return from a previous year but have not yet done so, you can still obtain old forms from that year and file now. The determination of whether you are required to file a return is done separately each year. If you don't have a lot of income and aren't expecting a refund, it is quite possible that you may be required to file in some years and may not be required to file in other years. If your income is below the minimum amount for required filing, you may skip that year if you wish. But remember that if you were due a refund, you will be forfeiting it.
You are a convicted felon you have do not have a right to vote Why do should you pay taxes. you believe this falls under taxation without represention So do you have to pay taxes?
SURE YOU DO. And you also know that you are required to file and report all of your gross worldwide income on your 1040 federal income tax return.
How do you find out what your EITC will be?
You will not know the correct amount of your possible EITC until you complete your income tax return correctly and have it ready to file.
Which states have a free state tax return?
If you need to file a state income tax return you can file for free at an online site and it will transfer it to the irs. If you know the basics the program will walk you through the filing process step by step.
Can social security income be taxed in the year you are turning sixty six?
Yes it can and it also can be taxable every year after you turn sixty five. Age will never relive you from having to file income taxes. If someone tells you that you no longer have to file taxes after a certain age, they do not know what they are talking about. You can be 106 and still have to file income tax returns. Having income below the required amount is the only reason you may not have to file taxes in a particular year. You can also not be required to file one or more years then have to start back again.
If you had no income do you still file?
There may be a few situations where you must file. For example, if you didn't take the required minimum distribution on an IRA or 401k, or you owe an overcontribution penalty for your IRA. But usually if you really have no income, you don't have to file. But you would be surprised how many people don't know that you can have taxable income from sources other than a job.
when do seniors stop filing tax forms?
However, if your only income is from Social Security benefits, you don't include these benefits in your gross income. If this is the only income you receive, then your gross income equals zero, and you typically don't have to file a federal income tax return.
You did 27000 a year how much money would you get from your taxes?
As a refund after you file your 1040 federal income tax return.You will NOT know the correct amounts until you complete your 1040 federal income tax return correctly. Your filing status, your age and how you made all of your gross worldwide income amount and if you had any sources of earned income (pay that you worked for) that has to reported on your 1040 income tax return and all of your other information that is required to entered correctly on each line of your 1040 income tax return will all be a part of the necessary information that you know and will have enter on your income tax return correctly to arrive at the correct answer of how much you might possible get back as a REFUND AMOUNT after your income tax return is completely correctly. If it is qualifying earned income and you are not a dependent on another taxpayer's income tax you return. IF you meet the qualifications for the earned income tax credit and the making work pay tax credit for the tax year 2009 you WILL NOT KNOW the amounts until you have completed your 1040 federal income tax return correctly. When you get to the last lines on page 2 of the 1040 federal income tax return line 72 where it says THIS IS THE AMOUNT THAT WAS OVERPAID then you will know how much your refund amount should be. If the amount is ZERO -0- and then you have an amount on line 75 AMOUNT YOU OWE.
How much federal income tax should be paid?
You will know NOT know the correct amounts until you complete your 1040 federal income tax return correctly. your filing status, your age and how you made your gross amount of all worldwide income amount and all of your information that is required for you to enter it correctly on each line of your 1040 income tax return and this will all be a part of the necessary information that you know and will have to enter on your income tax return correctly to arrive at the correct answer of how much you might possible get back as a REFUND AMOUNT. If it is qualifying earned income and you are not a dependent on another taxpayer's income tax you return. IF you meet the qualifications for the earned income tax credit and the making work pay tax credit for the tax year 2009 you WILL NOT KNOW the amounts until you have completed your 1040 federal income tax return correctly.
