How Much Money Do You Have To Make To File Taxes

After 1913, it became compulsory for almost every citizen under the United States law to pay tax to the Federal government. As to how much money do you have to make to file taxes depends not only on the income, but also the status of dependency, age and employment. To file your taxes, different tax forms are available from the Internal Revenue Service, such as W-2 form or 1099 form, depending on the employment and the amount of income one makes. Every year, April 15 th is the deadline to submit the federal income tax return for the given tax year.

For an unmarried individual, there are two filing options available, either single or head of household. For a single person under the age of 65, the minimum income threshold is $9,350 while for a single person above the age of 65 the minimum threshold is $10,750. However, for an unmarried head of household under the age of 65, the limit is $12,050 and for those above 65 years of age the limit increases to $13,450.

For an individual who is married, he or she has the option to file two separate returns or a joint return. For filing separately the minimum income limit

is $3,650 irrespective of age. However, if a joint return is filed and neither one of the individuals is older than the age of 64, and then the combined minimum income limit is $18,700. If only one of them is older than 65, the limit changes to $19,800 and if both are above 65 years the minimum gross income should be above $20,900 to file a tax return.

Another category under which one can file a tax return is the qualifying widow(er) category with a dependent child. That taxpayer whose spouse is dead and has a child, who has lived with them for the current tax year, can file a tax return under this category. For those who fall under qualifying widow(er) category and are under the age of 65, the minimum threshold income is $15,050.For those above the age of 65 the minimum limit increases to $16,150.

For those people who are self-employed, they are also required to file a tax if their income is above $400. It is recommended that those people who do not earn any income should also file a tax return. as they may be able to earn a return from the government in the form of benefits.

Source: www.ihowblog.com

Category: Taxes

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