Standard Deduction Exemption
January 29th, 2011
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Question: Must file if your income is more than the sum of your standard deduction + personal exemption.?
I am asking this tax question about the state of Texas, in the USA. I am looking for someone to help me answer this question for my own self, I did not file my taxes for the year of 2006, cause the amount of money was under $1000. and the College online financial advisor told me that it was not necessary for such a small amount for the to file. Unless I wanted the money to come back to me and go throught the hassel of filing.
Can someone help answer this for me?
I would appreciate some information that I could either help me to links to find the answer, or someone can just tell me the answer.
Thank you for your help.
Stephanie ShahidAnswer: it depends – if you are still being claimed on your parent’s tax return, they they are using your exemption and all your income may be taxable
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