Tax question

[Journeyman]

What is the maximum amount you can make and not have to pay any tax on now ?

I remember many years ago, it was like 3,500.

My neice who is in college told me it is around 7,500 is this true?​

 

[RobFunk]

Looks like 8,200 if single

http://www.1040.com/new1040/pdfs/2005/Federal/Forms/f1040ez.pdf

 

[moethepuppy]

I think the question you meant to ask was what is the maximum amount you can make and still not have to file an income tax return. i've known people that make 6-7 figures and do not pay federal income taxes because they have so many deductions. It's rare but happens.

And even if you make less than the amount required to file a return, you still may want to file one because of any income taxes withheld from a paycheck.

 

[Amsterdam]

I think the question you meant to ask was what is the maximum amount you can make and still not have to file an income tax return. i've known people that make 6-7 figures and do not pay federal income taxes because they have so many deductions. It's rare but happens.

They don't pay the Alternative Minimum Tax?

 

[moethepuppy]

I don't think so. The primary reason they didn't pay is because of operating loss carryovers from business ventures (LLC's and S-Corps). Those losses more than reduced their various income sources for the year.

 

[RDC-3]

What is the maximum amount you can make and not have to pay any tax on now ?​

I remember many years ago, it was like 3,500.​

My neice who is in college told me it is around 7,500 is this true?​

I called the IRS a few years ago and 7500 was the correct amount. I dont know if that pertains to gambling income as well...does anyone know ?