Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Must file if your income is more than the sum of your standard deduction + personal exemption.?
I am asking this tax question about the state of Texas, in the USA. I am looking for someone to help me answer this question for my own self, I did not file my taxes for the year of 2006, cause the amount of money was under $1000. and the College online financial advisor told me that it was not necessary for such a small amount for the to file. Unless I wanted the money to come back to me and go throught the hassel of filing.
Can someone help answer this for me?
I would appreciate some information that I could either help me to links to find the answer, or someone can just tell me the answer.
Thank you for your help.
Stephanie Shahid
4 Answers
- Anonymous1 decade agoFavorite Answer
it depends - if you are still being claimed on your parent's tax return, they they are using your exemption and all your income may be taxable
- JudyLv 71 decade ago
Basically, what you said is true. And if your income for 2006 was just $1000, you were not required to file unless $400 or more of that money was from self-employment. If social security and medicare taxes were deducted from the $1000, or if it was a college work-study program, you're OK not to have filed. If there was anything withheld for income tax though, you'd get it refunded if you file - and it's not too late.
This isn't just for Texas, but for any state in the US for federal income tax. Since Texas doesn't have a state income tax, there's no filing for state.
- Bostonian In MOLv 71 decade ago
First off, TX has no income tax, so this applies only to your federal return.
You are correct in that you are not required to file if your income is less than the sum of the standard deduction for your filing status plus your personal exemption (and the personal exemption for your spouse if filing a joint return).
If you can be claimed as a dependent by another taxpayer, you do not get your personal exemption so only your standard deduction is used in determining if you need to file.
Therefore, if you are a dependent you must file if your income exceeds $5,350 for 2007. If you are not a dependent, you must file if your income exceeds $8,750 for 2007.
If your only income for 2007 was the $1,000 you are asking about there would be no need to file regardless of your dependency status. If any income tax was withheld from the money you would need to file to have that refunded to you.
- GaryLv 51 decade ago
I have a question for you. Did you have any tax withholdings taken out in 2006? Well if you did, your advisor did you a disservice because you gave your money away for free. You do not have to file if you are not required to do so because you did not make very much. It is up to you if you want to file your 2006 taxes since you didn't owe any money If it was me, I would.
