If your income is below a certain level, you might not have to file taxes. The thresholds usually depend on filing status, age of the taxpayer, and types of money earned. Typically speaking, if you earn below a certain amount, the IRS would not require you to file any tax return. However, sometimes, even if you are not required to, it is to your advantage to file.
Minimum income to file taxes based on filing status
The IRS has different income limits suitable for different filing statuses. Here is what you need to know:
- Single and under 65: You must file if your gross income is $14,600 or more.
- Single and 65 or older: You must file if your gross income is $16,550 or more.
- Head of household and under 65: You must file if your gross income is $21,900 or more.
- Head of household and 65 or older: You must file if your gross income is $23,850 or more.
- Married filing jointly (both spouses under 65): You must file if your gross income is $29,200 or more.
- Married filing jointly (one spouse 65 or older): You must file if your gross income is $30,750 or more.
- Married filing jointly (both spouses 65 or older): You must file if your gross income is $32,300 or more.
- Married filing separately (any age): You must file if your gross income is $5 or more.
- Qualifying surviving spouse (under 65): You must file if your gross income is $29,200 or more.
- Qualifying surviving spouse (65 or older): You must file if your gross income is $30,750 or more.
Do dependents have to file taxes
If someone can claim you as a dependent, you might still need to file taxes. It depends on your income type:
- Unearned income (interest, dividends, etc.): If you earned more than $1,300, you may have to file.
- Earned income (wages, salaries, tips, etc.): If you earned more than $14,600, you must file.
- Gross income: You must file if your gross income was more than either $1,300 or your earned income (up to $14,150) plus $450.
If you are 65 or older, the income thresholds are slightly higher.
Do you have to file taxes if you are self-employed
If you are self-employed, the rules are different. You must file a tax return if your net earnings from self-employment were at least $400. This applies even if you do not meet the standard income thresholds for other taxpayers.
Should you file a tax return even if you do not have to
Even if your income is below the threshold, you may still want to file a tax return. You could qualify for tax credits or get a refund. Here is why you might benefit:
- If your employer withheld federal taxes from your paycheck, you might get that money back.
- If you qualify for refundable tax credits, like the Earned Income Tax Credit (EITC) or the Child Tax Credit, you could receive a refund.
- If you made estimated tax payments, you might be eligible for a refund.
How to know for sure if you need to file
If you are unsure whether you need to file, the IRS provides an online tool that can help you determine if you are required to submit a return. Answering a few simple questions can give you clarity on your specific situation.
Continue reading:
How can I make sure I get the biggest tax refund?
