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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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If you make under 5,000 dollars do you need to file taxes?

Customer Reply

Customer: replied 8 years ago.

I did not make over $5,000 this year, and was wondering if I need to file taxes?

Expert:  The Guy Behind the Tree replied 8 years ago.
The IRS sets the level for “Who Must File” each year. If you are under 65 years old, the following responses apply for the 2006 tax year, some of them may be adjusted (but only slightly) for 2007.

If self-employed, you must file if you make earned more than $400 annually.

If you are claimed by someone else as a dependent, you must file if you earned more than $5150 annually, or over $850 in interest or dividend income.

If you are single and claim yourself as a dependent, you must file of you earned more than $8450.

Other filing status will have higher limits.

The details are shown here, see the charts Pages 12 and 13, at:

If you are entitled to refunds of any kind, you will have to file to get them.

Welcome to the wonderful world of us other taxpayers!

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