Minimum yearly income required for taxes?
I live in California and made 3000 dollars before I quit my job because of coronavirus so do I have to file taxes or not because it's such a low amount.
- WLv 42 months ago
I would do so anyway. It's good for the IRS to see a continuous tax situation.
- car253Lv 72 months ago
No you don't have to file. But you may get a refund so I would file anyways
- STEVEN FLv 72 months ago
$0.00. You are generally not REQUIRED to file unless your gross income exceeds the standard deduction.
On the other hand, if you earned $3000 before Covid-19, you probably had withholding for income tax, for which a refund is due. The only way to claim the refund is to file an income tax return.
Even with zero income or payments for the year, it is ALWAYS legal to file a return declaring that.
- SlickterpLv 72 months ago
You do not have to file, but you may get a refund if you do.
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- JudyLv 72 months ago
If you don't make any more all this year, and it's on a W-2, and you had ss and medicare dduted, no - othrwise yes.
- ShayLv 72 months ago
You wouldn't file taxes for income earned during this year until after January 1, 2021.
So - you don't intend to get another job and earn any other income during the rest of this year............
Your income is based on ALL jobs in total - not just one job. Taxes are only filed once per year and includes all jobs worked during that calendar year.
If you earn any money from self-employment or any income that is reported on a 1099 form that exceeds $400 - then you are required to file a tax return for that income.
If your total earnings from any source exceeds $10,400 - then you are required to file a tax return.
As of right now - you would not need to file a tax return if that income was from a job that already takes out taxes. HOWEVER - you would get a full refund of the income taxes you paid if you did file a tax return - next year - when it is time to file a tax return for this year's income.
- StephenWeinsteinLv 72 months ago
If $400 or more was from self-employment, working in your own business, or working as an independent contractor (a worker who fills out a W-9 and gets a 1099-MISC), or any combination of those activities, then you have to file.
If all of it was from working as an employee (a worker who fills out a W-4 and gets a W-2), then you do not have to file.
- 2 months ago
it doenst matter just evade your taxes anyway