Question: Do I need to file if my income is low?

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Nati
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Joined: 25 Jan 2010 23:55
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Question: Do I need to file if my income is low?

Unread post by Nati » 26 Jan 2010 00:00

Hi There,
I made only $5000 in 2009 and do I need to file tax return?



Thanks in advance for your help

Nati

Abugida
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Joined: 20 Jan 2010 22:56
Location: Maryland, US
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Re: Question: Do I need to file if my income is low?

Unread post by Abugida » 26 Jan 2010 01:09

Hi Nati,

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I don’t know where you live but every state has a minimum filing requirement based on your status, age and income level ( visit your state govornment and IRS web sites). For instance if you are Single, under 65 years old and lived in Maryland, the minimum income is $9350 for 2009 tax year.
But you must know that, no return means no refund and some times it is to your advantage to file income tax return for the following benefits even if your income is below the state requirement:

You definitely don’t want to leave money on the table. Do you?.... I don’t think so…

Below is some of the tips from IRS

(Read Publication 17 (2009) from IRS for detail info....http://www.irs.gov/publications/p17/ch01.html)


Even if you do not have to file, you should file a federal income tax return to get money back if any of the following conditions apply.

·You had federal income tax withheld from your pay or made estimated tax payments.
chapter 36 for more information.

chapter 34 for more information.
·You qualify for the health coverage tax credit. See chapter 37 for more information.
·You qualify for the refundable credit for prior year minimum tax.
·You qualify for the making work pay credit. See chapter 37 for more information.
·You qualify for the government retiree credit. See chapter 37 for more information.
·You qualify for the first-time homebuyer credit. See chapter 37 for more information.
·You qualify for the refundable American opportunity credit. See chapter 35 for more information.



Hope this will help you

Abugida
For more helpful resources....visit www.abugidatax.com

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