How much money do you need to file taxes?

Income tax is required, and it should not be avoided. If you avoid it and the IRS finds out, you could face legal consequences. As a result, always pay your income tax on time. However, many of you may be unaware of how much money you have to file taxes.

In 2021, a person under the age of 65 had to earn at least $12,550 in order to pay taxes as a single filer. However, if a person is 65 or older, their income is greater than $14,250. If you are the head of a household and under the age of 65, you must earn $18,800 to file taxes; if you are 65 or over, the minimum is $20,500.

The income levels for married couples filing jointly and individually, as well as widows, varies. So, let’s learn more about them and taxable income in this article!

How much money do you need to make in order to submit taxes?

A single filer under the age of 65 who earns at least $12,550 must file taxes. However, if the filer is above the age of 65, their minimum income must be $14,250 in order to file taxes; in addition, the income tax slabs for married, head of household, widow, and dependants differ. So, according to 2021 regulations, let’s have a look at all of them in the table below!

StatusMinimum Income for Under 65 Years Old Minimum Income for Above 65 Years Old
Single Filer$12,550$14,250
Married & Jointly Filing$25,100If one partner is 65 years above – $26,800$28,500 for both partners above 65
Married & Filing separately$5$5
Head of Household$18,800$20,500
Qualifying Widower$25,100$26,450

How Much Do You Have to Earn to File Taxes as a Dependent?

Even if you are declared as a dependant, you may still be needed to file a tax return, depending on a number of variables. Furthermore, if you are a minor, you must pay income tax on numerous sorts of income. So, let us learn more about them:

Dependents Who Are Single:

ConditionTaxable Income for Under 65 Years ageTaxable Income for Above 65 years ageTaxable Income for 65 Years above and blind
Unearned Income$1100$2800$4500
Earned Income$12,550$14,250$15,950
Gross income more than the larger of $1100Earned income upto $12,200+$350$2800Earned income upto $12,200+$2050$4500Earned income upto $12,200+$3750

Married Dependents

ConditionTaxable Income for Under 65 Years ageTaxable Income for Above 65 years ageTaxable Income for 65 Years above and blind
Unearned Income$1100$2450$3800
Earned Income$12,550$13,900$15,250
Gross income more than the larger of $1100Earned income upto $12,200+$350$2450Earned income upto $12,200+$700$3800Earned income upto $12,200+$3050

If your partner files a separate return, you have to file your own return if your gross income is at least $5.

Who needs to file a tax return?

The vast majority of U.S. citizens and permanent residents who work in the United States are required to submit a tax return if their earnings above a certain threshold. The preset amount is decided by the person’s status and age. There are five different statuses:

  • Single
  • Married couples filing jointly
  • Married couples filing separately
  • Widow qualifies (er)
  • Head of the family

We have provided the minimal income levels for each of these five categories. So, if a person’s income equals or exceeds their specific status, they must pay taxes.

Aside from that, if one’s income surpasses the minimum, even if they are:

  • Minor
  • lived or worked in a different nation
  • Being a resident of Puerto Rico
  • Earnings from American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, or the United States Virgin Islands

They have the right to file tax returns.

How much money must you make at your work in order to submit taxes?

Even if you work or run a business, your income must be at least $12,550 in order to submit taxes. Whether you work one or two jobs, you will be required to pay taxes on your earnings.

If your salary is less than the standard deduction, you do not need to submit a return. You can, however, file a return without paying taxes.

Is it necessary to file taxes as a student?

College students who earn more than a particular amount are required to file a tax return. Your household income may be higher or lower if you have a dependent or are married. If you earned more than $12,550 as a single student in a year, you must file a tax return.

Even if you didn’t make much money, you should pay taxes if you received a W-2 from your employer showing federal tax withholding. You will then receive a reimbursement check.

Your parents, on the other hand, can claim you as a dependent until the age of 19, unless you continue your studies, in which case they can claim you until the age of 24. In that instance, you must pay taxes or submit a return based on the dependent’s obligations, as discussed above.

Do I have to file taxes if I make less than $5,000 each year?

No, you do not have to pay taxes if your annual income is less than $5000. In general, a single filer’s annual income should be greater than $12,550 in order to file the return and pay taxes.

However, if you make less than $5,000 each year, you do not need to file taxes. However, you can still file a return without paying taxes, which will benefit you.

How much money do you have to make in order to avoid paying taxes?

If you do not want to pay taxes, you must earn less than $12,550 as a single filer under the age of 65. However, if you are above the age of 65, you must earn less than $14,250 in order to avoid paying taxes.

The salaries of various types of people are categorized into five statuses. As a result, you must earn less than the minimum taxable income for the category into which you fall. Here is a basic table that shows how much money you need to produce to avoid paying taxes:

StatusMinimum Income for Under 65 Years Old Minimum Income for Above 65 Years Old
Single FilerLess than $12,550Less than $14,250
Married & Jointly FilingLess than $25,100If one partner is 65 years above – Less than $26,800Less than $28,500 for both partners above 65
Married & Filing separatelyLess than $5Less than $5
Head of HouseholdLess than $18,800Less than $20,500
Qualifying WidowerLess than $25,100Less than $26,450

How much do you have to make to file taxes 2022?

According to the IRS published table, you have to file your 2021 income tax return in 20222, based on these income slabs: 

StatusMinimum Income for Under 65 Years Old Minimum Income for Above 65 Years Old
Single Filer$12,550$14,250
Married & Jointly Filing$25,100If one partner is 65 years above – $26,800$28,500 for both partners above 65
Married & Filing separately$5$5
Head of Household$18,800$20,500
Qualifying Widower$25,100$26,450

If your taxable income in 2021 exceeds the figures in the table above, you must file a federal income tax return. The IRS defines “gross income” as “any money, goods, property, and services received, regardless of whether the gain is taxable or not,” which includes income received from sources outside the United States, stock sales, business sales, or home sales.

How to Prepare a Tax Return

Here’s how to file your taxes:

Gather your tax documents, such as W2s from employers, 1099s from investment income, and mortgage interest payments.
Take the standard deduction or itemize your deductions to reduce your taxable income.
Choose a filing status to determine the amount to pay.
Your information must be sent to an expert or electronically.

In conclusion

So this was all about your income tax return. We hope you now know exactly how much money you need to file your taxes. Now, while filing a tax return, determine your income status and then have your return done by an expert or do it yourself after taking all refunds and deductions.

We hope you found this post to be beneficial and interesting. Please share your ideas and suggestions in the comments section below!

Thank you for your time!

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