tax minimum?

carlitagonzalez · #1 03-13-2006, 07:44 PM

i remember seeing a post somewhere here recently where a link was posted to an irs page that discussed the amount of income earned above which you are required to file. i think the number was ~$9000, but could someone please provide that link for me?

and please no "you have to file if you earned any amount" posts because that is not true. thank you.

grapabo · #2 03-13-2006, 07:53 PM

On the IRS home page (http://www.irs.gov/individuals/index.html), there is currently a link titled "Do You Need to File a Federal Income Tax Return?" that will take you through a series of questions to determine whether you have to file. I couldn't do a direct link, for some reason.

(Don't be intimidated by the first page - the rest of it is very straightforward.)

carlitagonzalez · #3 03-13-2006, 09:05 PM

[ QUOTE ]
On the IRS home page (http://www.irs.gov/individuals/index.html), there is currently a link titled "Do You Need to File a Federal Income Tax Return?" that will take you through a series of questions to determine whether you have to file. I couldn't do a direct link, for some reason.

(Don't be intimidated by the first page - the rest of it is very straightforward.)

[/ QUOTE ]

yes i've seen this page but it isn't the one i'm looking for. i realize that the government wants everyone to file, but i remember seeing a page where it states at what level of income you are breaking the law if you don't file. does anyone know what i'm talking about?

grapabo · #4 03-13-2006, 11:19 PM

This is one I posted in an earlier thread. Is that the one you're thinking of?

http://www.irs.gov/publications/p501/ar01.html#d0e253

naquoae · #5 03-16-2006, 10:15 PM

"Gambling Winnings
Income tax is withheld at a flat rate from certain kinds of gambling winnings.

Gambling winnings of more than $5,000 from the following sources are subject to income tax withholding.

Any sweepstakes, wagering pool, or lottery.

Any other wager if the proceeds are at least 300 times the amount of the bet.

It does not matter whether your winnings are paid in cash, in property, or as an annuity. Winnings not paid in cash are taken into account at their fair market value."
Publication 505, Tax Withholding and Estimated Tax