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samerooo222 | Do you HAVE to file taxes? |
I only worked for about 1 week last year. Do I HAVE to file taxes? Is there any kind of penalty for not filing?
Additional Details
Parden my ignorance, but I don't know what a stimulus is, but I'll try and look it up. In that one week of work I only made about $150. |
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bostonianinmo
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Depends. You only need to file if your income for the year is above the filing requirement amount.
For a single taxpayer who is not a dependent and under age 65, that's $8,750 in wages subject to withholding. A pretty good week, indeed. However if any income tax was withheld from those wages you would need to file to have it refunded.
On the other hand, if this was self-employment and you made $400 or more you will need to file. |
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Judy1
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Unless you made over the limit for your filing status to be required to file, which would be very unlikely in a week, you don't have to file and there's no penalty for not filing. |
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wanting2help
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Well if you end up owing taxes and you do not file it will catch up with you and then you are in major trouble. |
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mdonovan85
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You want that stimulus package don't you? |
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Autumn
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It depends on your earnings. You may not have to file since you only worked one week. And your Standard Deduction ($5350 for single filers) and exemption for yourself ($3400 per person) will most likely zero out your tax liability to the fed. govt. unless you made a small fortune in that one week. You have to file, though, if you want to receive the Stimulus Package check to be sent to taxpayers. You must have at least $3000 in earnings or Social Security or other benefits in 2007 to qualify for the stimulus payment.
Edit: There is no penalty for not filing if you do not owe any taxes. However, you may be entitled to a small refund for the taxes you DID pay in that one week, and if you don't file you will not get any refund you may be entitled to.
Edit: The stimulus package is a rebate authorized by Prez Bush and Congress. It's an extra check many people will receive beginning in May. The stimulus payments are being given to people to help boost the US economy. People who receive them have been urged to spend, spend, spend it, to pump more money into the economy. Here's a link for more info relating to the matter.
http://www.irs.gov/newsroom/article/0,,id=177937,00.html |
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Mrs HarleyBrat
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no requirement to file until you earn a certain dollar amount however keep in mind you are NOT eligible for the economic stimulus package if you don't file :) |
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rtfm
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As others have said, you don't have to file if your income is below the filing limits set by regulation.
However, look at the pay stubs you got when you did work. See the amounts taken out for federal (and possibly state) tax? If you file a return, you'll get all that money back.
(You most likely won't be in any trouble if you file late, since you don't owe any taxes. But you didn't hear that from me, since the official filing date *is* April 15.) |
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PandoraTheWise
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If you made more than $400 last year, you need to file Federal. Your state may or may not require you to file taxes, and the requirement may be different. If you are claimed as a dependant, you do not have to file taxes- but your income must be reported on the person(s) claiming you as a dependant.
If you made at least $3000 in 2007 you are eligible for the stimulas package payment, and you should file your taxes even if you usually don't have to. (Usually when your income comes from Social Security, Railroad Retirement benefits and certain benefits from the Department of Veterans Affairs, or something you don't pay taxes, apparently) |
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