If filing jointly, do I need to add income that is less than $2000 or does the below $12k threshold still apply?
- 1 month ago
You need to report ALL of your income. The 12K threshold is the threshold that requires you to file. If you file, you must include ALL income.
- StephenWeinsteinLv 71 month ago
The thresshhold is for whether or not a person has to file. However, if filing, jointly or singly, then all income must be included, even if it is below the threshold.
- ShayLv 71 month ago
You can't pick the income to include and the income to leave out.
You MUST include ALL income from all sources for BOTH people on the joint return.
The $12K threshold is just the minimum amount earned that makes filing mandatory instead of optional - and that is also based on ALL income and NOT individual jobs.
Basically, you can't work 10 jobs earning $2,000 and each job for a total of $20,000 and then not file taxes because each job was only $2,000 - you must add ALL JOBS to determine if you must file and then when you file - you must include ALL JOBS and ALL INCOME.
- Max HooplaLv 71 month ago
It's $12,000 total
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- Coffee DrinkerLv 71 month ago
You must report ALL income.
the $12k threshold is only for determining whether or not you are required to file a return.
If you file a return it must include all income.
$2,000 is enough to change your refund and trigger an IRS flag when they cross check your return, but by the time they catch it there would be penalties and interest added so it ends up being a costly mistake.
- JudyLv 71 month ago
You need to report ALL your income unless to TOTAL is below the filing limit, no matter what your filing status is. The 12K limit for an individual is not by individual job, which is what you seem to think.
- EvaLv 71 month ago
You report all your income on the tax return. You don't eliminate any. The standard deduction is subtracted on page 2 to arrive at your taxable income. Just because an item of income is less than 12k doesn't mean you don't report it.
- SlumlordLv 71 month ago
You add all income in and if the total is below the threshold (about 12k though the amount varies year to year) then you owe no tax, so you do need to add that income into the calculation of the total income.
- dewcoonsLv 71 month ago
You do need to add the $2000, whether your total income is under $12K or not. If you earned the money, then your employer filed a copy of the W2 with the IRS. If you do not include it and they catch that it is missing, you can be fined for not including it. You have to include everything.
- Wayne ZLv 71 month ago
If you are filing Jointly the threshold is $24,400.
However, this applies to your total income and not each individual item.
If your spouse is already over $24,400, then, ANY income that you have must be included.
It is a common misconception that smaller W2s can be ignored. This is untrue.