Ken NJ
INReview Maven
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Registered: Dec 2003
Local time: 01:27 AM
Location: NJ
Posts: 4930
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You need to have more than $4,850 before you are required to file a tax return if you are not married nor claimed as a dependent. The amounts are even higher if you are married. Otherwise, the miniscule tax (10% to 28%) amounts to about $100 bucks only, so why play games?
1. You need NOT file nor report generally that small amount under $600 if you have no other income nor compensation for the year.
2. You also need NOT file nor report that small amount under $600 if you have no income more than your earned compensation greater than $850 in a W-2, if you somehow have a large savings for that 1099 of unearned income.
3. You should file if you had income tax withheld from your pay to get a refund.
4. You should also file if you are entitled to earned income credit.
5. You should likely file for the additional child tax credit
*http://www.irs.gov/publications/p501/ar02.html#d0e632 .
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04-14-2005 07:49 PM
