Who Needs to File Taxes?
Usually, if you earn less than $1,000, you probably are not responsible for filing taxes. However, if you are an independent contractor or self-employed, you need to report this income. For example, in the year 2018, the maximum earning before paying taxes for a single person under the age of 65 was $12,000. If your income is below the threshold limit specified by IRS, you may not need to file taxes, though it’s still a good idea to do so.
Any salaried individual is compliant to file an income tax return in case his/her gross taxable income surpasses the maximum amount in which the tax is not chargeable during the fixed financial year.
That’s because your spouse might make enough to require filing a tax return and you’re supposed to include your income on a joint tax return — even if it’s only $1,000.
If you made $10,000 or less, you generally won’t be required to file a federal tax return, but if you paid any taxes, you may still want to do so to get a refund from the government. If the total of your unearned income is more than $1,100 for 2021, you need to file a return even if it is not required by your earned income.
For 2022, individuals making more than $12,950 and married couples filing jointly earning more than $25,900 are required to file taxes. Regardless of your income and whether you’re required to file taxes, it’s generally still a good idea to do so.
If you were a regular employee and get a W-2 for the income you earned, and you had no other income, you do not have to file a tax return if you made less than $6300. However, if a person is 65 years or above, then their income slab is more than $14,250. If you are the head of household and below 65 years of age, you need to make $18,800 to file taxes; in the case of 65 years or above, the amount is $20,500.
A single filer who is below 65 years old has to file taxes if he makes at least $12,550.
Minimum Income to File Taxes
The minimum income to file taxes depends on your filing status and age. For example, in 2023 the minimum for single filing status if under age 65 is $12,950. If your income is below that threshold, you generally do not need to file a federal tax return.
However, you may still need to file a tax return in special situations. For example, if you have net earnings of at least $400 from self-employment, you’re required to file taxes.
Even if you’re not required to file a tax return, you may want to file to claim tax credits and overpayments that could result in money being returned to you.
IRS Thresholds for Filing
The income thresholds for whether you need to file a tax return are detailed in the IRS’s 1040 instructions. For 2023 (for 2022 tax year filing), the thresholds are:
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Single filing status:
- Under 65: $12,950
- 65 or older: $14,700
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Married filing jointly:
- If both spouses are under 65: $25,900
- If one spouse is under 65 and one is 65 or older: $27,300
- If both spouses are 65 or older: $28,700
In summary, if your income is below the threshold for your filing status and age, you generally do not need to file a federal tax return. But there may still be good reasons to go ahead and file anyway.