Question About Filing Taxes (US)

[soren7550]

Ok, since the new year rolled in, I've gotten things from my former employers in order to do my taxes. But, I wasn't employed for very long, and I didn't make much money (under $500 USD total). I've heard that if you make under a certain amount of money in a year, you don't have to file taxes. Is this true?

If it matters, I live in New York (not sure if that matters when it comes to US taxes).

 

[Basement Cat]

Ok, since the new year rolled in, I've gotten things from my former employers in order to do my taxes. But, I wasn't employed for very long, and I didn't make much money (under $500 USD total). I've heard that if you make under a certain amount of money in a year, you don't have to file taxes. Is this true?

If it matters, I live in New York (not sure if that matters when it comes to US taxes).

Incorrect. If you make ANY money you have to file taxes--but you DON'T have to PAY taxes if you make very little money--it all gets refunded.

Moreover if you make a few thousand dollars you can qualify for Earned Income Credit which is basically the government paying you...well, money. Paying you back, or something. You have to make 2-3K at a minimum but no more than...7-9K?

Sorry, it's been a year and my numbers are off as they always are before I do 'this' year's taxes.

But yeah, you HAVE to file tax returns if you get a W-2 form from any employer because the Man (the IRS) will receive a copy from your employer and IF the IRS decides to pick you as one of their many randomly investigated tax filers then you reaaaaaaaaallllllllyyyyyy don't want them to have proof that you made money but didn't file taxes. That's when they turn into Life
Destroying Monsters. D:


I recommend using Turbo Tax--I've used them for years. They're free for federal filing and you can get them to do your state taxes for free then copy down the results onto a regular tax return comfortable in the knowledge that you've gotten your calculations correct.

They'll also file your state taxes for you--for $30-$40 or so. Not worth it.

 

[Vegosiux]

That's when they turn into Life
Destroying Monsters. D:

And boy, are the forms of those monsters scary, too!

Yes, had to. But other than that, you've nailed it, you have to file taxes if you made any money, you just don't pay if you didn't make enough to hop a bracket.

 

[Yal]

But yeah, you HAVE to file tax returns if you get a W-2 form from any employer because the Man (the IRS) will receive a copy from your employer and IF the IRS decides to pick you as one of their many randomly investigated tax filers then you reaaaaaaaaallllllllyyyyyy don't want them to have proof that you made money but didn't file taxes. That's when they turn into Life
Destroying Monsters. D:

You don't need to be randomly selected at that point. They cross check the forms employers and banks send in against filings, and they will notice problems. I screwed up my capital gains last year and it took them eight months to notice, but yup, they sent me a bill. Interest and penalties included.