Monday, January 4, 2010

Do I Have to File?

Do I have to file? This is a common question that is answered by answering 3 question...(1) What is your filing status, (2) Are you older than 65, and (3) what is your gross income? If you can answer these 3 questions, by using the table below, you can determine if you have to file a return for 2009.
If your filing status is Single and you are under 65, you do not have to file until your gross income exceeds $9,350.00. If you're over 65, you do not have to file until your gross income exceed $10,750.00

If your filing status is Married filing jointly, and both spouses are under 65, you do not have to file until your gross income exceeds $18,700.00. If one spouse is over 65, the gross income goes up to $19,800.00, and if both spouses are over 65, then you do not have to file untile your gross income exceeds $20,900.00

If you plan to file married filing separately, regardless of age, you do not have to file as long as your income is less than $3,650.00.

If you qualify as Head of Household are are under 65, you do not have to file until your income exceeds $12,000.00, and if 65 or older, you do not have to file until your income exceeds $13,400.00.

These rules generally apply, but there are exceptions. For instance, if you are a W-2 wage earner and had taxes withheld from your earnings, even though you may not have exceed the gross income amounts, you would still want to file in order to receive a refund for all or part of your withheld taxes.

If you have any questions about your filing requirements, please do not hesitate to call our office at (615) 746-4632.

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