Taxes - Do I need to file?

March 31, 2008 on 10:48 pm | In Money |

Disclaimer: This is entry not intended to offer official tax advice. Please see www.irs.gov or contact a certified tax professional with any questions or for specific instructions. 

It is that time of year again, tax time.  If you have money coming back, I assume you did them in January and already have the refund in the bank.

If you expect to owe, you will probably be one of the masses working on your taxes in the next few weeks.  Either way, you will need to have your tax forms completed and sent to the IRS either electronically or through the mail, postmarked by midnight April 15.

Not sure if you need to file?

If you are not claimed as a dependant by someone else (parents, etc.) the following applies to you.

If your filing status is: and at the end of 2007 you were: You must file a tax return if your gross income was at least:
Single under 65 $8,750
65 or older * $10,050
Married, living together at the end of 2007 and filing jointly both spouses under 65 $17,500
one spouse 65 or older * $18,550
both spouses 65 or older* $19,600
Married and filing separately any age $3,400
Head of Household under 65 $11,250
65 or older * $12,550
Qualifying widow(er) with dependent child under 65 $14,100
65 or older * $15,150
* If you were born on or before January 1, 1943..

If you are claimed as a dependant, and made more than $5,300 you also need to file.

More information can be found at www.wwwebtax.com
 
Be aware, for this year only (tax year 2007), if your income is over $3,000, you may want to file an income tax even if you do not meet the above income requirements in order to receive a rebate or Economic Stimulus Payment. For more information, see

Economic Stimulus Payment.  

 

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