Do you have to file a tax return? The filing requirements are based on your gross income. For 2010, a single person under age 65 is required to file a return if their gross income is more than $9,350. A married couple where both spouses are under age 65 are required to file a tax return if their gross income is more than $18,700.
The requirements are different for people who are claimed as dependents on someone else’s tax return. Single dependents must file a return if their gross income is more than $5,700, or if their unearned income (such as interest and dividends) is more than $950.
If you are self-employed, you have to file a tax return if your net income is more than $400, even if your gross income is less than the filing threshold amounts.
Even if you aren’t required to file a tax return, it might still be a good idea to file so you can claim a refund of any tax that was withheld.
“This blog post, along with comments that may follow, should not be considered tax advice. Before you make final tax or financial decisions, please secure a professional tax advisor to give you advice about your unique situation. To secure Jason as your accountant, please click on the ‘Services’ link at the top of the page.”