Anyone who is a resident of Maine for any part of the tax year, and has taxable Maine income, must file a Maine return. Anyone not a resident of Maine, but performs services in Maine for over 12 days and earns over $3,000 of Maine income, must file a Maine return. Social Security is exempt from taxation in Maine, though other retirement income is taxed. Maine taxes estates valued over $6 million, including prior year gifts. The estate tax calculation: over $6 million is taxed. Maine has a 5.50 percent sales tax. S corps business income, losses, and credits pass through to Maine shareholders for income tax purposes.
Minimum Income to File Taxes
The minimum income to file depends on filing status and age:
- Single under 65 – $12,950.
- Married filing jointly under 65 – $25,900.
Additional rules apply for those over 65, qualifying widows, and other statuses. Factors like being claimed as a dependent or having self-employment income also impact requirements. Use the IRS tool to determine if you need to file.
When required, not filing can lead to penalties. However, even if under the threshold, you may still choose to file. Understanding requirements can avoid wasted time and money on unnecessary returns. Confirm details for your situation before assuming you do not need to file.
Earning Threshold Without Filing Taxes
How much money can you make without filing taxes? The minimum income to file depends on filing status and age:
- Single under 65 – $12,950.
- Married filing jointly under 65 – $25,900.
- Over 65 or other statuses have different rules.
Factors like being claimed as a dependent or having self-employment income also impact requirements. Use the IRS tool to determine if you need to file.
Not filing when required leads to penalties. However, even if under the threshold, you may still choose to file. Understanding requirements avoids wasted time and money on unnecessary returns. Confirm details for your situation before assuming you do not need to file.