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2 Cards in this Set
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- Back
- 3rd side (hint)
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When MUST a person file a tax return
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1.self employed and has net earnings from SE of at least $400.
2. Had wages of $108.28 or more from a church (exempt) 3. Received Advance EIC 4. Owes special tax a. AMT b. Add't tax on IRAs or other taxed favored accounts c. employment taxes for household employees3 d. SS & Medicare tax on tips not reported to an employer e. Recapture of the First Home Buyers Credit f. Add't taxes on HSAs, Archer, Coverdell accts |
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What is Earned Income
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Earned Income is from the performance of personal services.
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Examples:
Salary, wages, earnings from SE, tips, taxable scholarships and grants |
