It\u2019s critical to get your tax information ready as soon as possible (which means you should start now if you haven\u2019t already).\u00a0<\/p>\n\n\n\n
But, depending on how much money you make <\/a>and how you want to file your taxes, one more item to consider: do you even make enough money to be required to file taxes?<\/p>\n\n\n\n If you\u2019re not making a lot of money, it\u2019s a good question to ask. You may not have to submit them if your annual income is below a specified threshold.<\/p>\n\n\n\n Even in these situations, other factors such as your health insurance, whether you\u2019re self-employed or eligible for an earned income tax credit, may demand filing a tax return.\u00a0<\/p>\n\n\n\n In this article, we\u2019ll look at how much you have to earn to file taxes in the US. We\u2019ll also look at other scenarios that affect tax filing.<\/p>\n\n\n\n Ensure you read this article to the end, as it promises to be very informative and insightful.<\/p>\n\n\n\n The amount you must earn to avoid paying federal income tax is determined by age, filing status, reliance on other taxpayers, and gross income.\u00a0<\/p>\n\n\n\n For example, a person under 65 earning the maximum amount before taxes in 2018 was $12,000.<\/p>\n\n\n\n If your income falls below the IRS\u2019s threshold, you may not be required to file taxes; however, it is still a good idea to do so.<\/p>\n\n\n\n You don\u2019t have to file a federal income tax return if your annual gross income is below a certain threshold. <\/p>\n\n\n\n However, the precise threshold is determined by several circumstances.<\/p>\n\n\n\n If you\u2019re self-employed, you may be subject to additional rules.<\/p>\n\n\n\n Read Also:\u00a0How Much Can You Earn While on Social Security in 2023<\/a><\/strong><\/p>\n\n\n\n This depends on your filing status<\/strong>. If you plan to file as a single person, a married couple filing jointly, a married couple filing separately, or the head of household? <\/p>\n\n\n\n Let\u2019s take a look at each one individually.<\/p>\n\n\n\n If you are single and under 65, you can earn up to $12,200 in annual gross income without having to file a tax return. <\/p>\n\n\n\n If you\u2019re 65 or older and intend to file a single tax return, the minimal amount increases to $13,850.<\/p>\n\n\n\n If you make $18,350 or more and are under age 65, you must submit a tax return if you qualify for head of the household status and wish to file as such. If you\u2019re 65 or older, your gross income is $20,000 per year.<\/p>\n\n\n\n If you\u2019re an eligible widower with a dependent kid, you can file jointly as a married filing, with the age disparity remaining in effect: at least $24,400 if you\u2019re under 65, at least $25,700 if you\u2019re 65 or older.<\/p>\n\n\n\n Married and filing separately must file a tax return even if their gross income is a mere $5.<\/p>\n\n\n\n The amount you must earn if you\u2019re married and filing jointly is determined by the age of you and your spouse, but it\u2019s usually double what a single person would need.\u00a0<\/p>\n\n\n\n You must earn at least $24,400 if both spouses are under 65. You must earn at least $27,000 if both couples are 65 or older.\u00a0Split the difference if one of you is 65 or older; you\u2019ll need to earn $25,700.<\/p>\n\n\n\n Read Also:\u00a050 Best Paying Apps To Earn Extra Money<\/a><\/p>\n\n\n\n When someone can claim you on their tax return, the regulations change. Even if your income is lower than that depicted in the chart above, you may be required to submit a federal tax return.\u00a0<\/p>\n\n\n\n Because the IRS divides your gross income into two categories \u2014 earned and unearned \u2014 the thresholds appear different.<\/p>\n\n\n\n Earned income is earned by working for someone else or owning a business. <\/p>\n\n\n\n Investment income, such as interest, dividends, or capital gains, is considered unearned. It could also include debt forgiveness, taxable Social Security income, pensions, and other assets.<\/p>\n\n\n\n The threshold requirements for when a dependant must file can be complicated, so study them carefully. <\/p>\n\n\n\n They\u2019ve usually contained in the Form 1040 instructions for each year. More information is also available in IRS Publication 501.<\/p>\n\n\n\n SEE ALSO: Tax Form Schedule C (Form 1040): Definition, Overview, Uses<\/a><\/p>\n\n\n\nTable of contents<\/h2>
What is the Bare Minimum for Filing Taxes?<\/strong><\/span><\/h2>\n\n\n\n
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How much money Do you need to make?<\/strong><\/span><\/h2>\n\n\n\n
Single: <\/h3>\n\n\n\n
Head of Household: <\/h3>\n\n\n\n
Married and filing separately: <\/h3>\n\n\n\n
Married and filing jointly: <\/h3>\n\n\n\n
The Rules for Adults and Dependent Children<\/strong><\/span><\/h2>\n\n\n\n