The Lawbringer: Mailbag 10

Reader Comments (Page 1 of 1)

3-16-2012 @ 7:11PM

Jon said...

"The IRS says you are only required to file taxes if make over $9,500 or something around that."

Please cite your source.

This is blatantly incorrect, and I encourage anyone reading to discuss tax information with their accountant.

Being a minor does not stop you from having to file a tax return and possibly pay income tax. Neither does making under $9,500. IIRC, the minimum is about $400, though again I highly recommend consulting with a CPA for tax information and not some random Joe Schmo on the internet.

If you make under $9,500 and over $400 but haven't filed a tax return, the IRS would like to have a word with you about paying some interest and penalties.

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