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Max Taxable Income Before Reporting Taxes: IRS Help Needed

In summary, the maximum income before having to report taxes is $600. If you pay your children for office work, they can only make $599 before receiving a 1099 form. This also applies to babysitters while doing shows. According to the IRS website, if your child is under 18 and earns less than $3300, they do not need to file taxes. However, if they earn more than $600, they must file taxes. If claimed as a dependent, their wages do not need to be reported.
Chef Diane
498
Im not sure if this is the right place for this but here goes. What is the max we can make before having to report taxes? I have already sent mine in, but my daughter baby sits and we now have to send in her taxes. Is there a link to the IRS I can go to look. I hate it for her, as of now she has $0 taxable income but has to pay $380 in taxes:eek: . Any help will be appreciated. Thanks all
 
i BELEIVE YOU HAVE TO CLAIM ANYTHING OVER 600.00:confused:
 
  • Thread starter
  • #3
yea thats what I thought too, but good grief
 
How old is your daughter? Maybe I just don't know crap about taxes but I never filed before I actually received a pay check...
 
It is $600 income before having to file with the IRS.
Also, I do know that if you pay your children to do office work for you, they can make only $599 before you have to give them a 1099 form. This goes for sitters you use while doing shows as well.
 
  • Thread starter
  • #6
according to the IRS site
pchefkristin said:
It is $600 income before having to file with the IRS.
Also, I do know that if you pay your children to do office work for you, they can make only $599 before you have to give them a 1099 form. This goes for sitters you use while doing shows as well.

If I paid her for working for me she could earn $3300, but she was baby sitting for the lady down the street. I did her taxes again without a W-2 and it worked out she owes nothing but she gets nothing either. Had I done hers with ours (as a dependent) we wouldn't have had to claim her wages at all. So in the end it worked out. Thanks for all your help. She will be 18 for next years taxes so this is good to know.
 

Related to Max Taxable Income Before Reporting Taxes: IRS Help Needed

What is the max taxable income before reporting taxes?

The maximum taxable income before reporting taxes varies depending on your filing status and age. For single individuals under the age of 65, the threshold is $12,200. For married couples filing jointly, it is $24,400. For individuals over the age of 65, the threshold increases to $13,850 for singles and $27,000 for married couples.

Do I need to report my income to the IRS if it is below the max taxable income?

If your income falls below the maximum taxable income for your filing status and age, you are not required to report it to the IRS. However, it is important to keep documentation of your income in case of an audit or if you are claiming certain deductions or credits.

What happens if I exceed the max taxable income before reporting taxes?

If you exceed the maximum taxable income for your filing status and age, you are required to report your income to the IRS and pay taxes on the amount that exceeds the threshold. You may also be subject to penalties and interest for failing to report your income.

Can I deduct expenses to lower my taxable income?

Yes, there are certain expenses that can be deducted to lower your taxable income. These include deductible expenses such as mortgage interest, charitable donations, and certain business expenses. It is important to consult with a tax professional or use tax software to determine which expenses you can deduct.

How can I get help from the IRS with reporting my taxable income?

If you need assistance with reporting your taxable income, you can contact the IRS for help. They have a toll-free number for general tax questions and also offer in-person assistance at local IRS offices. You can also seek help from a tax professional or use tax software to file your taxes accurately.

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