When is one required to pay Federal Income Taxes?
Is it, or is it not true that one is not required to pay federal taxes untill they have reached a set dollar ammount of income per year? Such as $3000 or $5000 dollars. If so, what is the exact ammount? Where can I find the information?
Public Comments
- Check the link below.
- You can call the IRS, or a tax attorney. The tax you owe has nothing to do with a set income, payments are due when you file, unless it is a large amount, you can set up A payment plan with the IRS
- Yes, that's true. The limit depends on the source of the income, and on your filing status and whether you are a dependent or not. If you have over $400 self-employment income, you have to file. Otherwise in 2006 if you were single and a dependent, the limit was $5150, single and not a dependent, $8450. There are other limits for other filing statuses. The amounts for many statuses change a little bit each year. You can find the information in the instructions for the various versions of 1040 or in Publication 17 - you can download these at irs.gov
