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What is the minimum income requirement in order to file an income tax return individually and not as a dependent?
Wiki User
∙ 15y ago
Everyone is allowed to file an individual tax return, whether they are a dependent or not.
Even if you are a dependent, you are required to file your own tax return if you have sufficient income to require the filing of a tax return. There is one exception: If a child under 18 (24 if a fulltime student) has income ONLY from interest and dividends and has income under $9500 (in 2009), the parents may report the dividends and interest on Form 8814 instead of filing a return for the child if they wish.
And even if you are not required to file a return, you are allowed to file a return, whether you are a dependent or not. You would want to file a return if you had tax withheld from your salary or from other payments or are eligible for a refundable tax credit. If you choose not to file, you will eventually forfeit your refund.
With the one exception noted above, your parents (or whoever is claiming you as a dependent) are not allowed to claim your income or your refund on their tax return.
Wiki User
∙ 15y ago
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Should you file a US tax return if you were working abroad and paying tax abroad and claimed as a dependent on your father's US tax returns?
You still need to file if you meet the minimum income requirement for your circumstances. US citizens are taxed on their worldwide income, although you may be able to qualify for the foreign earned income exclusion. Even if you qualify for the exclusion and subsequently have no taxable income, however, you must still file if over the income minimum. == In addition, your father may need to revisit the rules for claiming dependents. Depending on your age and circumstances, including the time you have lived with him and whether you are in school, you may not be a dependent for tax purposes. == If your overseas income is paid by a US company, then you need to file income taxes here. This year, you might also consider filing because of the tax rebate.
What is the maximum income a dependent can make before they have to file as an independent?
I don't believe there is any minimum or maximum...but he loses the opportuninty to have himself as a deduction,,,and of course if they are young, you can have kiddie tax conswquences.
What is the yearly minimum income of a BUSINESS needed to pay income taxes?
Rs1
Do you have to claim income a dependent made?
Not on your income tax return. But the dependent may want to file the dependents own income tax return claiming the dependents income on it.The dependent cannot claim the dependent own exemption on the dependent own income tax return and will have to make sure that the dependent indicates on the dependent income tax return that the dependent is eligible to be claimed as a dependent on another taxpayers income tax return.Go to www.irs.gov and use the search box for Publication 17 (2009), Your Federal Income Tax for Individualshttp://www.irs.gov/publications/p17/index.htmlGo to chapter 3 Exemption thenYour Own ExemptionYou can take one exemption for yourself unless you can be claimed as a dependent by another taxpayer. If another taxpayer is entitled to claim you as a dependent, you cannot take an exemption for yourself even if the other taxpayer does not actually claim you as a dependent.Then Exemptions for DependentsDependent not allowed a personal exemption. If you can claim an exemption for your dependent, the dependent cannot claim his or her own personal exemption on his or her own tax return. This is true even if you do not claim the dependent's exemption on your return or if the exemption will be reduced under the phaseout rule described under Phaseout of Exemptions, later.I believe the above is only partly correct as to what your really asking.For example, if you have a child that has income (by employment, by inherritance, etc), even though you may list them as a dependent, that persons income is TAXABLE at your rate. (In other words, because the adult has reasonable income and pays tax at say 25%, if he shifts income to, or his child has income of an amount that presumably would be taxed much less (tax on 10K annually being virtually 0 %), essentially that income must be included as yours to get taxed at the higher rate.See the many publications on "Kiddie Tax".
What is the minimum amount for filing taxes over 65?
what is the minimum amount of income that is required to file Alabama state income tax if I am over 65
What is the minimum income needed to claim a dependent?
Isn't any minimum or maximum.
When don't you have to file?
You do not have to file taxes with the IRS if you have received no income for a tax year, or if you made below the minimum requirement for filling. The minimum requirement income for 2007 was around $8000.00.
Do both people in a marriage have to have a job to get a bank loan?
no, ther is a minimum income requirement, but as long as at least one person is making the requirement it is sufficient.
What age does earned income credit stop?
A person no longer qualifies for the Earned Income Tax Credit after age 65. The minimum age requirement is 25.
Should you file a US tax return if you were working abroad and paying tax abroad and claimed as a dependent on your father's US tax returns?
You still need to file if you meet the minimum income requirement for your circumstances. US citizens are taxed on their worldwide income, although you may be able to qualify for the foreign earned income exclusion. Even if you qualify for the exclusion and subsequently have no taxable income, however, you must still file if over the income minimum. == In addition, your father may need to revisit the rules for claiming dependents. Depending on your age and circumstances, including the time you have lived with him and whether you are in school, you may not be a dependent for tax purposes. == If your overseas income is paid by a US company, then you need to file income taxes here. This year, you might also consider filing because of the tax rebate.
Is there a minimum income requirement to receive childcare vouchers?
Yes there is. If you are looking for a specific number you are going to have to contact your local human services office to get that number you are looking for.
What is the minimum income requirement for the visa black card?
I make 65 K and got offered one. I think it has to due more with credit history and rating.
You have a dependent but no income?
If you have no income how are you providing over 50% of the care for your dependent? The exemption should go to the person that is providing shelter, food and clothing for the dependent.
What are the minimum income requirements for maternity coverage with medicaid?
Hello, I am 18 weeks pregnant and have applied for medicaid but I wanted to know if I would even be considered with my husbands income. I searched and searched and finally found it. If you go to this link... http://www.dhhs.state.nc.us/dma/basicmedelig.pdf it tells you on page two of the document. Please keep in mind that these are the requirements for people in the state of Texas. Hope this helps!
At what age do they not take tax's from lottery winnings?
Any age when you meet the requirement of must file a income tax return. A dependent on another individuals income tax return would be required to file a federal income tax return and pay some federal income tax if unearned income gambling winnings, interest, rent. capital gains, etc of 950 or more of income reported on the 1040 income tax return.
Is there an income requirement to qualify for FAFSA loans?
FAFSA has five types of federal loans available; most have income requirements, but not all. The loans that have income requirements are the Federal Perkins Loan and Subsidized Stafford Loans. The loans that do not have income requirements are PLUS loans (parents, or graduate and professional student), unsubsidized Stafford Loans, and consolidation loans. If a student is a dependent of their parents, the parents income will count towards meeting income requirements. Loans that are not income dependent do require good credit. http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
What is the minimum income needed to support a house hold called?
It comes under many names - dependent on the country you're in. Here in the UK - it's called a 'living wage'.
