TAX question

[Smokey0066]

aight checking my mail today and i've got a question..

after reading the TeleFile thingy, it says on there you dont have to file if you made less then 4500 and single???? is that true or did I miss read it? or is there something hidden?

 

[BrunoPuntzJones]

you always have to file.

what it may have been is 4500 income - 4500 standard deduction (whatever it is now)=0 tax owed. you still have to file, everyone does.

 

[kranky]

No, not everyone has to file. Assuming you are a dependent, the rules are here. The cutoff depends on if you are a dependent and/or how much of your income was earned income, and if you are blind. Check that link under the heading "Filing Requirements".

The cutoff amount would be $4550 for someone who was under 65 and all income is from earned income. So if your income is less than that and there was no Federal withholding from your paycheck, you don't have to file at all. If there was Federal withholding (would be shown on your W-2), you should file so you get a refund of your withholding.

 

[BrunoPuntzJones]

i had assumed as not a dependant.

are you sayin if not even a dependant and earn less than 4550 (lets say you live off the money stuffed in your mattress you didnt report when you found) that you dont have to send anything in at all? like they are oblivious to knowing of those folks?

my thinking would be that if you dont report, then how do they know how much you earned to know if you shouldnt be filing

ive always seen it as having to be filed regardless of income (if yer a dependant that's filing as they get the info).

if there are times when you dont have to send anything at all in, i really need to bone up on the rules. had no idea. i humbly admit being wrong.

 

[kranky]

See Who must file? at the IRS site. The link I posted in my first reply is for dependents.

Briefly, if you are single, NOT a dependent, under 65, and your gross income was under $7200 you do not have to file a return (there are some exceptions noted at the link above). But again, if you had Federal tax withheld from your paycheck, you should still file so you can get your refund. People who are eligible for the Earned Income Credit should file so they can claim the credit - you could end up with a refund even if no tax was owed. The EIC is a program for lower-income people with dependents.

 

[Tangerine]

I actually called the IRS a couple days ago to see what my filling obligations are. I was pleasantly surprised at how helpful and nice they were! Really! So you can always call them for a clarification. Click here to choose your state for the correct phone number. Link