2007 Tax Filing Requirements For Dependents

If your parents or anyone else can claim you as a dependent, and any of the situations below apply to you, you must file a return.

Earned income includes salaries, wages, tips, and professional fees. It also
includes taxable scholarship and fellowship grants. Unearned income includes investment-type income such as taxable interest,ordinary dividends, and capital gain distributions. It also includes unemployment compensation, taxable social security benefits, pensions, annuities, and distributions of unearned income from a trust. Gross income is the total of your earned and unearned income.

Single dependents-Are you age 65 or older or blind?

If the answer is no, you must file a return if any of the following apply.

• Your unearned income was more than $850.
• Your earned income was more than $5,350.
• Your gross income was more than the larger of:
• $850, or
• Your earned income (up to $5,050) plus $300.

If The answer is yes, you must file a return if any of the following apply.

• Your unearned income was more than $2,150, or $3,450 if 65 or older and blind.
• Your earned income was more than $6,650, or $7,950 if 65 or older and blind.
• Your gross income was more than $1,300, or $2,600 if 65 or older and blind,
plus the larger of:
• $850, or
• Your earned income (up to $5,050) plus $300.

Married dependents—are you age 65 or older or blind?

If the answer is no, you must file a return if any of the following apply.

• Your unearned income was more than $850.
• Your earned income was more than $5,350.
• Your gross income was at least $5 and your spouse files a separate return and
itemizes deductions.
• Your gross income was more than the larger of:
• $850, or
• Your earned income (up to $5,050) plus $300.

If the answer is yes, you must file a return if any of the following apply.

• Your unearned income was more than $1,900, or $2,950 if you are 65 or older and blind.
• Your earned income was more than $6,400, or $7,450 if you are 65 or older and blind.
• Your gross income was at least $5 and your spouse files a separate return and
itemizes deductions.
• Your gross income was more than $1,050, or $2,100 if 65 or older and blind
plus the larger of:
• $850, or
• Your earned income (up to $5,050) plus $300.


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Tim Watson is a tax preparer during the tax season. Do you need to learn even more about taxes? Here is a great guide U.S. Master Tax Guide . Need a break? Take a look at my Christmas Page . You may use this as is provided the resource box stays intact.

2007 Federal Tax Filing Requirements For Taxpayers

With filing season still set to start on January 14, 2008, it is time to at least starting to think about getting your tax documents ready so that you can get the maximum benefit when you file your taxes.

This explains the 2007 filing requirements for most taxpayers.

First, there are 5 filing statuses. They are single, married filing separately (MFS), married filing jointly (MFJ), head of household (HOH) , and qualifying widow(er) with dependent child.

If you file single, are under the age of 65, and your gross income is at least $8,750, then you file a return. If you over 65, then file if your gross income is at least $10,050.

For MFS, at any age, you file if your gross income was at least $3,400.

For MFJ, if both spouse are under 65, file if your gross income is at least $17,500. If one spouse is over 65, the amount is $18,550. If both spouses are over 65, the amount is $19,600

For HOH, if you are under 65, the amount is $11,250. If you are over 65, the amount is $12,550

For qualifying widow(er), if you are under 65 the amount is $14,100. If you are over 65, the amount is $15,150.

If you were born January 1, 1943, you are considered to be age 65 at the end of 2007.

Gross income is defined as money, goods, property, and service that is not tax exempt. This also includes income from outside of the United States. Social Security income is not reported, unless you file MFS and you lived with your spouse at any time during 2007.

I will once again say that the vast majority of the time, it is to your benefit to file married filing jointly instead of married filing separately. Filing the wrong way can potentially cost you thousands of dollars.

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Tim Watson is a tax preparer during the tax season. Do you need to learn even more about taxes? Here is a great guide U.S. Master Tax Guide . Need a break? Take a look at my Christmas Page . You may use this as is provided the resource box stays intact.