There are a series of questions you should answer to help you determine the minimum income amount that applies to you. Let’s start with the IRS questionnaire found on their“do you need to file” page. This questionnaire is provided through the IRS interactive tax assistant (ITA), which is...
Minimum Amount to File Taxes Even if you earned interest during the year, you might not have to report it if you don’t have enough total income to be required to file a tax return. If you don’t have the minimum amount of income for the year, you generally don’t have to file a...
In this article, we analyze the political choice of the extent and means of income redistribution between high and low-skilled workers. Redistributive tools encompass both fiscal transfers (a negative income tax) and a minimum wage requirement. We assume the use of fiscal instruments alone to be...
You must file an income tax return for Indiana if you live in the state year 'round and the total amount of your income exceeds your exemptions. The second is if you live out of state, but work in Indiana or receive income from Indiana. You do need to file to receive any refund you...
The taxpayer will owe whichever amount is higher.7 "The first individual minimum tax was enacted in 1969 and was an add-on minimum tax. That is, it was a tax that was paid in addition to the regular income tax. The tax rate for the add-on minimum tax was 10%, and its tax base ...
A guaranteed minimum income benefit (GMIB) ensures that an annuitant will receive payments regardless of market conditions. The GMIB's minimum payment amount is predetermined by assessing thefuture valueof the initial investment. However, a GMIB makes an already complex investment product even more...
The revolutionary concepts of a flat tax system and a guaranteed minimum income are among the most hotly debated issues in public economics. This paper quantifies the potential economic effects of a fundamental reform proposal that applies both concepts to Germany's social security system, thereby ...
If the tax calculated on Form 6251 is higher than what is calculated on your regular tax return, you will have to pay the difference as AMT, in addition to your regular tax amount. For more tips and information to help you get your taxes done smarter, visit TurboTax.com. With TurboTax ...
"Earned Income Tax Credit and the Limitations of Tax-Based Welfare Reform, The" The earned income tax credit (EITC), which uses the federal income tax system to provide an earnings subsidy to low-income workers, has enjoyed support across the political spectrum as a "pro-work, pro-family"...
child subject to the“kiddie tax”onunearned income. For 2024, the exemption is any amount below $2,500.7The first $1,250 is not taxed.89The next $1,250 is taxed at the child's marginal tax rate. If above this amount, the unearned income is to be taxed at the parent's tax rate...