How Much Do You Have to Make to File Taxes?
How Much Do You Have to Make to File Taxes?
How much do you have to make to file taxes? It’s not required that you file taxes if you make under a certain amount of income, and that amount of income varies depending on your filing status and your age.
Minimum Income for Tax Filing
If you’re single and under 65, the minimum income amount for filing taxes is $12,550 for the 2021 tax year. If you’re over 65 and single, that minimum income is $14,250.
If you’re married and filing jointly, and you’re both under the age of 65, the minimum income is $25,100. If you’re both over the age of 65, the minimum income is $27,800. If one spouse is above 65 and the other is below 65, the minimum income is $26,450 to file.
If you’re married but filing your taxes separately, the minimum income is $5, regardless of your age.
If you generally file head of household, the minimum income for those under 65 is $18,800. If you’re over 65 and filing head of household, the minimum income is $20,500.
If you’re a widow or widower with a dependent child and under the age of 65, the minimum income to file is $25,100. If those same conditions apply but you’re over 65, the minimum is $26,450.
If you qualify as a dependent yourself, meaning that someone else claims you as a dependent on their taxes, there are slightly different rules.
If you’re a dependent and are single, and under the age of 65, you’d file a return if your unearned income was more than $1,100. If you’re a single dependent older than 65 and have an unearned income of more than $2,800, you’d file a return. If you’re a single dependent that is older than 65 and also blind, that minimum unearned income is $4,500.
For single dependents, the amount of earned income varies depending on age as well. If you’re under 65, earned income over $12,550 triggers a return. If you’re over 65 and a single dependent, earned income over $14,250 would require a return. And for single, blind dependents over 65, earned income over $15,950 would require a return.
Gross income also comes into play for single dependents. For those under 65, gross income is larger than $1,100 or your earned income plus $350, while for over 65 single dependents it would be $2,800 or the larger of your earned income plus $2,050. For blind single dependents over 65, it’s the larger of $4,500 or your gross income plus $3,750.
If you’re a married dependent, it also changes the requirements. Married dependents under 65 would need to file a return if their unearned income was greater than $1,100, their earned income was greater than $12,550 or their gross income was larger than either $1,100 or their earned income plus $350.
For a married dependent over 65, they’d file a return if their unearned income was greater than $2,450, their earned income was greater than $13,900 or their gross income was larger than either $2,450 or their earned income plus $1,700. If a married dependent over 65 who is blind had unearned income in excess of $3,800, earned income over $15,250, or gross income larger than either $38,000 or their earned income plus $3,050, they’d need to file a return.
Other Situations Where You May Need to File a Return
There are other situations where you may wish to file a return, even if you fall below the minimum income requirements. If you have self-employment earnings over $400, you’ll need to file a return. If you owe a variety of other taxes (on your IRA, HSA, alternative minimum tax, etc.) then you will likely need to file a return. There could also be scenarios that would qualify you for a tax refund (such as the earned income tax credit or additional child tax credit) in which case, you’d want to file a return. A tax professional can help you determine if you need to file a return, and help you with that process.
Want tax tips delivered to your inbox?