Didnt make any money taxes

Your tax is based on the total of all that income, plus self-employment, minus your deductions. It’s a simple, interactive list on the IRS website. The fastest way to file—and to get your refund—is to file electronically online.

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For example, say you won the lottery and took the lump sum and quit your job. Aside from the initial taxes upon winning, would you have to pay taxes for the following years if you had it all in a bank account? Yes but only the interest you earn is taxed. Most people in this situation pay their taxes four times over the course of the year just so they don’t have to pay it all at once in April. Anybody who doesn’t get their taxes automatically taken out of their check usually does. Didnt make any money taxes would be taxes on the interest paid in a normal bank account. It would be foolish to keep the entire amount at one bank, of course, because if that bank failed, all the money could be gone except a few hundred thousand of the federally-insured limit.

Some taxpayers expecting a bigger refund may be disappointed.

By using our site, you acknowledge that you have read and understand our Cookie Policy , Privacy Policy , and our Terms of Service. Do you have to file taxes even if you didn’t make money? What if you had no profit and no loss? What if you had revenue but your expenses exceeded your revenue? I’m asking about both federal and state tax law. It’s common enough that the IRS answers it right at the beginning of the Form Instructions, and it’s answered fairly thoroughly here:. Sounds like your losses outweighed your profits, and assuming you had no other income, I’d say you’re fine not filing.

Filing When Self-Employed

For example, say you won the lottery and took the lump sum and quit your job. Aside from the initial taxes upon winning, would you have to pay taxes for the following years if you had it all in a bank account?

Yes but only the interest you earn is taxed. Most people in this situation pay their taxes four times over the haxes of the year just so they don’t have to pay it all at once in April. Anybody who doesn’t get their taxes automatically taken out of their check usually does.

There would be taxes on the interest paid in a normal didnt make any money taxes account. It would be foolish to keep the entire amount at one bank, of course, because if that bank failed, all the money could be gone except a few hundred thousand of the federally-insured limit. They might want to invest the money in moey bonds, actually, which may pay tax-free interest if done right. With that kind of money, you’d get enough interest that you’d owe tax.

If you ahy a few thousand dollars in the bank and the interest was your only income, it wouldn’t be enough to owe. Trending News. Teacher who kneeled during CFP title game speaks. Harry, Meghan relinquishing their ‘royal highness’ titles. Deadly avalanche strikes California ski resort. Fired Cowboys coach reportedly lands a new job. Grammys CEO threatens to ‘expose’ academy. Experts cidnt what not to do at a funeral.

Common not to know of your non-Hodgkin lymphoma? Cover of Eminem’s surprise album has hidden message. Answer Save. StephenWeinstein Lv 7. There is no tax for just having money in your account. If the bank pays you interest noney the money, then you would have to pay tax on the.

If the bank does not pay you interest on the money, then you would not have to pay tax. How do you think about the answers? You can sign in to vote the answer.

Judy Lv 7. Pascal the Gambler Lv 7. The interest you made is taxable. Sonny Didng 7. Ryan Mnoey Lv 7. HD Lv 7. Still have questions? Get your answers by asking .

Exceptions: Withholding and Tax Credit

The IRS can’t and won’t compel the bank to return your money to you. Part Of. If you had an overall capital loss for caused by investment losses, you can carry that loss forward to future tax years and offset otherwise taxable capital gains in those monsy. Question feed. Tax rates male for but the range of incomes each bracket covered was higher. If your spouse died in orand you had at least one dependent child duringyou can file as a qualifying widow or widower for You may be due a federal income tax refund forfor example, because of the refundable earned-income tax credit or the refundable child tax credit. Tax Filing. Partner Links. Didnt make any money taxes dependents who are not age 65 or older or blind must file a return in any of the following circumstances:. Continue Reading. Related Terms Amended Return An amended return is a form filed in order to make corrections to a tax return from a previous year. In contrast, if you file a return showing zero federal income tax liability, the IRS generally must begin any audit of your tax year within three years of the filing date. Even if you are under the filing requirement, you should consider filing a return to claim your withholding and to apply for possible credits. Comment icon. Hot Network Questions.