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2008 Filing Requirement
You must file a federal income tax return if you are a citizen or resident of the United States or a resident of Puerto Rico and you meet the filing requirements as given below. However, if you are self employed or independent contractor, you must file tax return if your self employed income is $400 or more.
1. Filing Status Single
If under 65, must file tax return if gross income is at least $8,950.
If 65 or older, must file tax return if gross income is at least $10,300.
2. Filing Status Married Filing Jointly
If under 65 (both spouses), must file tax return if gross income is at least $17,900.
If 65 or older (one spouse), must file tax return if gross income is at least $18,950.
If 65 or older (both spouses), must file tax return if gross income is at least $20,000.
(Read Filing Status: Married Filing Jointly)
3. Filing Status Married Filing Separately
Any age, must file tax return if gross income is at least $3,500.
(Read Filing Status: Married Filing Separately)
4. Filing Status Head of Household
If under 65, must file tax return if gross income is at least $11,500.
If 65 or older, must file tax return if gross income is at least $12,850.
(Read More: Head of Household)
5. Filing Status Qualifying Widow(er) with Dependent Child
If under 65, must file tax return if gross income is at least $14,400.
If 65 or older, must file tax return if gross income is at least $15,450.
2008 Standard Deduction
For the 2008 tax return, the standard deduction amounts are,
*Single (other than head of household and Surviving Spouses) $5,450
*Married Filing Joint Returns and Surviving Spouses $10,900
*Married Filing Separate Returns $5,450
*Head of Households $8,000
The 2008 Exemption Deduction for each deduction is $3,500
If you are a dependent, read: Filing Requirements of a Dependent
More Articles:
Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. Filing Requirement for a Dependent
2. 2008 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax
1. Working in Two or More States
What's New for 2009
What's New for 2009
Complete List of Articles
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