How much does a minor have to make before filing a tax return?

Answer 1

A dependent on another taxpayer income tax return with unearned income interest, dividends, capital gains, rental income, taxable social security benefits, unemployment compensation, gambling winning and misc income, etc of more than 950 must file an income tax return and report all worldwide income on the 1040 tax return and pay any income taxes that WILL BE DUE when the income tax return is completed correctly.

A self employed taxpayer would be required to file an income tax return if business operation had any gross income amount. If the business has a net profit over 400 the business would have to file and pay the social security and Medicare taxes that would be due plus any income tax that may be due after adding the net profit to all other gross income on the 1040 tax form and the amounts would be subject to income tax at the taxpayer marginal tax rates.

The must file an income tax return requirement for the year 2009 would be in the 2009 1040 instruction book starting on page 7 through 9 and the book is available at the IRS gov website and using the search box for 1040 and choosing instructions.

Filing Requirements

Do You Have To File