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Whether you have to file a tax return depends, in part, on your filing status, age, and gross income. Please refer to the "Do You Have to File" section of the Form 1040 Instructions, Form 1040A Instructions, and Form 1040EZ Instructions to determine if you are required to file a tax return. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. For more details, refer to Topic 554, Self-Employment Tax. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. 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: * 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. Special filing requirements may apply to U.S. citizens who are residents of Puerto Rico or who have income from U.S. possessions. Refer to Publication 570 for additional information. Residents of Puerto Rico should select Topic 901. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851. Even if you are not required to file a tax return, file a return if you are due a refund, because tax was withheld from any earnings..... AND BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING.If you did not file a return for a previous year and you were required to do so, refer to Topic 153. If you need help determining which form to file, refer to Topic 352.
The below, while for 2006 is essentially the same for any future year...(the threshold numbers may change slightly, the ideas are the same): Many people will file a 2006 Federal income tax return even though the income on the return was below the filing requirement. The questions below will help you determine if you need to file a Federal Income Tax return or if you need to stop your withholding so you will not have to file an unnecessary return in the future. The Internal Revenue Service is providing this information as a part of our customer service and outreach efforts to Reduce Taxpayer Burden and Processing Costs. Changing your withholding and/or not filing Unnecessary Returns will save both you and the government time and money. Even if you do not have to file a return, you should file one to get a refund of any Federal Income Tax withheld. Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you? * Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back? * Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year? * Were you self-employed with earnings of more than $400.00? * Did you sell your home? * Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)? You may owe tax if you:
** Received an early distribution from a qualified plan ** Made excess contributions to your IRA or MSA ** Were born before July 1, 1935, and you did not take the minimum required distribution from your qualified retirement plan. ** Received a distribution in the excess of $160,000 from a qualified retirement plan. * Will you owe social security and Medicare tax on tips you did not report to your employer? * Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer? * Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.) * Will you owe recapture tax? * Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?
What else can I help you with?
If a dependent child files an income tax return will it affect the parent's US tax return?
Yes
If your spouse files ahead of you and uses money that are supposed to be split?
You would file your income tax return correctly and send it in. It is possible that you may have to file your correct income tax return in the mail as a paper income tax return.
Where online can I get an income tax software package for tax preparers?
Easily prepare your tax return and file income taxes online and get more information on this at www.taxact.com/.TaxACT prepares, prints and e-files your income taxes for FREE.
Does a 16 year old file income tax in Canada?
Ones age does not determine if a person files taxes or not, what it matters is how much money the person made that year. What was the income of the person that year, is what determines the income tax filling status.
What Gina's taxable income last year was 62200. According to the tax table below how much tax does she have to pay if she files with the Single status?
A. $208,850
If a dependent child files an income tax return will it affect the parent's US tax return?
Yes
If your spouse files ahead of you and uses money that are supposed to be split?
You would file your income tax return correctly and send it in. It is possible that you may have to file your correct income tax return in the mail as a paper income tax return.
Where online can I get an income tax software package for tax preparers?
Easily prepare your tax return and file income taxes online and get more information on this at www.taxact.com/.TaxACT prepares, prints and e-files your income taxes for FREE.
Does a 16 year old file income tax in Canada?
Ones age does not determine if a person files taxes or not, what it matters is how much money the person made that year. What was the income of the person that year, is what determines the income tax filling status.
So, What exactly is in Illinois 1040?
An Illinois 1040 is a state income tax return. It includes income, taxes, exemptions just as a Federal Income tax return. An Illinois resident who files can also either receive a refund or have to pay.
What Gina's taxable income last year was 62200. According to the tax table below how much tax does she have to pay if she files with the Single status?
A. $208,850
What is Before tax income after tax income?
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
File income tax for someone who died?
Yes, you have to file income taxes for someone who has passed away. This is normally handled by the estate. There is also estate income taxes that must be files as well.
If your separated and your husband files joint how is the money divided?
On the married filing joint income tax return that you are supposed to have signed any refund amount is supposed to be 1/2 for each name on the MFJ income tax return. The refund amount will be issued in both names that are on the MFJ income tax return.
If a minor earns income does she have to report the income to the I R S?
Yes and if any federal income tax was withheld from the earned income the minor could possibly receive a refund of some of the withheld FIT amount IF the minor files a federal 1040 income tax return and it is completed and filled out correctly and signed by the minor.
What kind of income tax is based on your taxable income?
Income tax IS based on your income that is why it is called INCOME tax.
Should I file your business and home on one tax return?
One person files one tax return for whatever income and expenses that person may have, whether relating to a business or a home. However, if you business is incorporated, then it has to file corporate income tax as well.
