If you earned only 500 and have one do you have to file?

Answer 1

I assume you mean "have one dependent."

If you earned the money through self-employment, yes.

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:

• uncollected 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.

You should also file if you had gross receipts from sale of capital assets (stocks, bonds, real estate) even though you may have had a loss or very small gain. If you do not file, the IRS will assume that your basis was $0 and the full gross amount you received was a short-term capital gain.

If none of the above applies to you, $500 is below the minimum filing threshold for any filing status.

But remember, if you had taxes withheld from your pay or if you are entitled to any refundable credits (such as the Earned Income Credit - EIC), you will not receive them unless you file.

You should also check your state's rules if your state has an income tax, but it is unlikely that any state would require you to file.