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What is the minimum income to report it to the IRS?
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6 Responses to What is the minimum income to report it to the IRS?
no u dont dont wait go do your taxes when it comes save it file it next year you can do that ok
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$10,000.00 i believe
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Yes, you need to report ALL income. If you don’t, the IRS will bounce your return. If they don’t catch the error before April 17, 2007 there will be penalties and interest on the unpaid taxes.
You’ll have to wait for the W2, there’s no real way around that. Your FAFSA instructions should explain how to account for your 2006 income if you can’t file your return by the FAFSA application deadline.
Please ignore the 2 answers above me! They are utter gibberish!
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Technically you don’t have to file because it’s such a low income. As far as your FASFA they want the tax returns of your parent or whom ever claims you as a dependent. If you are independent then you woul need to file that 13.00 and to include other sources of income(they know you can’t live on $13 alone).
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I would say yes. If you have a pay stub I might check with a tax consultant to see if I could file that in lieu of the W2. Chances are where you worked had to file tax also and surely reported your wages. If in doubt call the IRS or seek out a tax consultant.
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If all your income is from jobs, then if you can be claimed as a dependent you have to file if you made over $5150; if you can’t be claimed by anyone, then you have to file if you made over $8450. This assumes that you are single. And yes, you have to report all income, even the very small one.
Your W-2 should show up in the next week or so. They are required to mail them by Jan 31.
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