PDA

View Full Version : How much money do you have to make in order to claim taxes



tfrowe
Nov 10, 2007, 08:45 AM
How much money do you have to make in order to claim taxes

s_cianci
Nov 10, 2007, 09:20 AM
Are you speaking of federal or state taxes? It generally depends on the amount of your income as well as the number of dependents you have. Usually taxes are withheld from your pay by your employer. These are estimated payments based on your earnings, coupled with the number of dependents you indicated on your W-4 form when you were first hired. After you receive your W-2 statement (by Jan. 31 of the following year), which reconciles your earnings and taxes paid, you file an income tax return to determine how much tax you actually owe. If your employer's withholdings resulted in an overpayment you are refunded the difference. If your withholdings were inadequate then you have to pay the difference directly to the IRS or state government. Although individual state laws vary, the process is very similar for both federal taxes and state taxes in those states which levy an income tax.

AtlantaTaxExpert
Nov 13, 2007, 08:17 AM
For federal income taxes, you must earned at least $8,700 to be REQUIRED to file a tax return.

Now, it may make sense to file even if you do not make this much in order to claim a refund for income taxes withheld.