When do i start paying income tax?

Question

i'm 17, studying, no job.

i'm applying in FAFSA and they're asking if i filed a 2007 IRS income tax return.

i said no, will that affect my eligibility?

Answer 1

If you make over $5450 (2008 number) for the year as an employee, or $400 for the year for self employment, you are subject to filing and paying federal income tax.  Limits for state and local are different, but FAFSA is asking about federal.

Not having filed won't affect your eligibility for aid.  They will want info from your parents' returns, though.

Answer 2

When you start earning income, you start filing income tax returns.

Or in some cases, if your bonds are paying good interest and you sold a lot of stock, then you might have to file.

Not filing 2007 income tax because you earned no income won't affect FSFSA. They will also want your parents' return to determine eligibility.  

Answer 3

You pay income tax when you get a job

Answer 4

You don't pay any income tax until you start working.  You're still eligible for federal student aid.  If you had filed taxes, they would take that into account and adjust your aid.

Answer 5

Only when you generate income  

Answer 6

yer if you're in scholl or collage then u dnt pay tax only wen you get a proper job x

Answer 7

They just want to check you income. Since you dont work you dont have any tax papers. Having no income is good. They will ask for your parents tax info though.

Also go to Fastweb.com to apply for scholarships.

Answer 8

No, whether you file a return does not affect your eligibility.  They are asking so that they know whether to ask for a copy of your tax return.