A: The amount will vary depending on 3 Major Factors: Your Age, Filing Status, and Type of Income You Receive. For example if you made less than $3400 this year, you do not have to file. However, you might wish to file as if you are getting a refund. This assumes you made the money in wages (received a W2). If you received a 1099, then you would have to file if you made more than $400..
The IRS has a website. Try searching there. Here is a FAQ page to get you started. It has filing requirements and a section about US citizens overseas.
Frequently Asked Questions
IRS PDF file:
IRS 1040 Manual gives further details concerning the question of How much money do you have to make to file taxes. (Once there if you scroll down about an inch you will see a chart that breaks different scenarios down for you.)
Most young people can get away with not filing if their gross income is less than $8,950.
If you are over 65 years old you can make a maximum earned gross income of $10,300.
Generally if you do decide to file anyways but you meet these conditions then you will probably not be required to pay. This is the option I would suggest because it will get you in the habit of filing taxes and you won’t be dependent on companies like Liberty Tax Services and H&R Block to take care of your paperwork and charge you a hefty fee for their services.
Let’s say that you were self employed for a portion of this income. The law then states that you will need to file if you have made $400 or more through self employment.
For people that make money online, this will make filing a mandatory situation every year…
Keep in mind that this information is current as of 2008 and tax laws tend to change on an annual basis, however I will try to keep this article current as I recognize that this is something we should all be aware of.
When you are younger the most typical form you will need to get from a local library or online is called a 1040EZ. When you get older and your financial situation becomes more complicated, most people upgrade to a 1040 form.