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If you have no income do you have to file taxes?

In: Taxes and Tax Preparation, Federal Laws, Income Taxes [Edit categories]

Answer:

Only in some rare cases:
For example, if you have an uncorrected excess contribution in your IRA, you must file in order to pay the 6% excise tax on overcontributions. Or if you are over age 70 1/2 and failed to take the required minimum distribution from your traditional IRA or 401k, you must file to pay the 50% penalty. If you paid estimated taxes, you will forfeit your refund if you don't file even though you may not be required to file.

Do keep in mind that income is not just wages. Interest, investment income, rents, royalties, gambling proceeds are all sources of income, too. If you sell any stocks, bonds, or other property and receive and Form 1099-B for the sale, you should file a Schedule D to report your basis even if you sold at a loss.

First answer by Dracular. Last edit by Dracular. Contributor trust: 115 [recommend contributor ]. Question popularity: 1 [recommend question].

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