PM and Mandi are correct, you have to file and depending on your income level you may have to pay taxes. However, one thing I didn't see mentioned was in addition to the $87K limit they also add a "cost of living" for housing, so while you have to include any perks (tickets home, housing, vehicle, etc) as income your actual limit should be higher than $87K.
PM and Mandi are correct, you have to file and depending on your income level you may have to pay taxes. However, one thing I didn't see mentioned was in addition to the $87K limit they also add a "cost of living" for housing, so while you have to include any perks (tickets home, housing, vehicle, etc) as income your actual limit should be higher than $87K.
http://www.irs.gov/pub/irs-pdf/i2555.pdf