Income Tax question?

mercenary · Mar 25, 2004

I made $580.00 last year, do i have to file a return? This is the first time in years ive showed up on a W-2 form. Any help would be greatly appreciated. Have a good day!!!!

stjgobraves39 · Mar 25, 2004

If you got a W-2 you MUST file...but I doubt the IRS will be pounding on your door if you dont...

winkyduck · Mar 25, 2004

if you make less than $600 from an employer (or whatever) you do NOT get a 1099 stating how much you made. do you have to file a return? if ALL you made was $580 - i would - only because when all is said and done - you won't pay a penny on taxes - so why not file and list the $580. this will also help you down the line when you do file future returns. file a return - and something you should know - if you don't owe any taxes - or are getting a refund - you DO NOT have to file by april 15 - you can file later w/o penalty. i would still file by 4-15 but you don't have to do so.

kerry · Mar 25, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by LongIslandTico:
If you got a W-2 you MUST file...but I doubt the IRS will be pounding on your door if you dont...<HR></BLOCKQUOTE>

This is a false statement. You are only required to file a return if your gross income exceeds a certain amount. $580 is not enough to require a return. However, if there was federal withholding, filing a return is the only way to get a refund of the federal withholding.

ladyoracle · Mar 25, 2004

I'm more interested in TAX AVOIDANCE. Can we continue that topic in this thread ? Anybody know of some good ways ? Are SWISS banks still good ?

lander · Mar 25, 2004

W-2's are only required for income exceeding $600 per tax year.

I'm not sure why they bothered sending you one.

BillDozer · Mar 25, 2004

I think swiss let US look. ( i think)

mercenary · Mar 25, 2004

Thanks for the responses!!! I guess im not going to file, I hope you guys are right.

Pigpen · Mar 25, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by mercenary:
I made $580.00 last year, do i have to file a return? This is the first time in years ive showed up on a W-2 form. Any help would be greatly appreciated. Have a good day!!!!<HR></BLOCKQUOTE>

Mercenary,
Look in box 2 on your W2 form in the upper right hand side. If they deducted fed income taxes you can file and get that amount refunded if you only made $580.

fivedoorsdown · Mar 25, 2004

ok lets get this straight. you only made 580. how the hell do you live?/

now if you get ssi or disabilty you may want to check and see how much you are allowed to make.

kerry · Mar 26, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by lander:
W-2's are only required for income exceeding $600 per tax year.<HR></BLOCKQUOTE>

Another false statememt. A Form 1099-MISC is only required if $600 or more. No such rule for a W-2.

Sodium Pentethol V · Mar 26, 2004

Anyone else find it ironic a poster named kerry is an expert on taxes?

No offense buddy, I see you registered a long, long time ago and your contributions are certainly appreciated.

kerry · Mar 27, 2004

SP V

Not sure why you find it ironic. I will try to keep my expertise a secret.

WEEKENDALKI · Mar 27, 2004

My acct. told me if i am under 3k for the year, no file necessary.

kerry · Mar 27, 2004

The income levels at which one must file are return are actually much higher. For example, for a single person it is $7,800. For married file joint, it is $15,600. However, there are exceptions to this general rule, the most common being that net earnings from self employment of $400 or more triggers a return.

kerry · Mar 27, 2004

Those figures are applicable to 2003. In case you were wondering, for example, why $7,800, it is because the standard deduction for a single person is $4,750 and the personal exemption is $3,050. For married, the standard deduction is $9,500, and 9500+3050+3050=15,600

BlankCheck · Mar 27, 2004

kerry,
I have never filed a gambler before(recreational or prof). I deposited close to 25K into my check acct in 2003. If I file as a recreational gambler and report that as gambling income do you think there is a good chance that I will get audited?
There are no W2G forms, sometimes I feel maybe its better not to file a return

mercenary · Mar 27, 2004

Maybe I need to clarify the situation, I havent filed for 10 years. I showed up on a W-2, for the first time. Im afraid if i do file a return this year, im going to be in alot of "hot-water"? I know eventually i will have to file, and i will get audited, but this isnt the year i want to brave those waters. I made 580.00 in reported income, Im not worried about getting the money back, if im entitled to a return. Should i file or not?
Thanks

Muddy · Mar 27, 2004

mercenary
if you look ar form 1040EZ on line 1 you have to enter your wages, salary,... which is $580. Then on line 5 you have to enter your standard deduction which is $7800. Then you have to subtract line 5 from 1 (580-7800)=-6220

minus $6220 is your taxable income so I dont think you have to file