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If you make less than a specific amount do you have to file taxes?
I heard there was an amount that if you make below there is no need to file taxes. Is this true?
3 Answers
- 1 decade agoFavorite Answer
Yes. Here are 2007 Filing Requirements info for most
Taxpayers.
IF your filing status is... AND at the end of 2007 you were... THEN file a return if your gross income was at least...
single under 65 $8,750
65 or older $10,050
head of household under 65 $11,250
65 or older $12,550
married, filing jointly under 65 (both spouses) $17,500
65 or older (one spouse) $18,550
65 or older (both spouses) $19,600
married, filing separately any age $3,400
qualifying widow(er) with dependent child under 65 $14,100
65 or older $15,150
Note, you may still want to file for other reasons like to get your withholdings back, to get you rebate in 2007, to get EIC and other.
Source(s): www.irs.gov - chatsplasLv 71 decade ago
YEP, quite true!
Even when not required to file you may wish to do so to get a refund of excess withholdings. When you're under the minimum you generally owe no tax, and you may be eligible for EIC or other credits, which would boost your refund greatly.
