Ed Conroy
Jan 29, 2009, 02:10 PM
What is the minimum amount of income I need to make to file federal income tax?
FritzW
Jan 29, 2009, 02:24 PM
Hi Ed,
There's a bunch of different reasons you might want or need to file a federal tax return (or state if you are in a state with an income tax).
Hopefully, this helps:
Calculate how much money you earned during the tax year for which you're filing. If earned income, combined with social security benefits, totals $3,000 or more, you have hit what is the minimum income to file taxes.
Did you have any self employment income?
If you earned more than $400 through extra income in your own side jobs or as an independent contractor, you're supposed to file an income tax return.
Did you earn money from tips?
If you didn't report these tips to your employer, or reported them but didn't pay social security and medicare taxes on them, you will have to file a federal income tax return.
Do you qualify for the Earned Income tax credit for low-income individuals and families?
If so, or if you already received and advance EIC payment, you'll need to file taxes this year.
Did you have federal taxes withheld from your earnings in your paychecks?
To get some of this money back, you'll need to file tax returns.