Income Required to File Taxes
Filling income taxes can be one of the most dreaded and confusing times of the year. The income required to file taxes is based on IRS yearly filing requirements and the income you earn for a given tax filing status. There are five tax filing statuses: head of household, married filing jointly, married filing separately, widow or widower with qualifying child and single.
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History
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The amount of income required by the IRS for filing taxes changes yearly. The amount required is adjusted for inflation to prevent taxpayers from being penalized by higher tax brackets.
Time Frame
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The IRS requires income taxes to be filed or postmarked by midnight on the 15th of April each year. Extensions may be filed by filling out IRS form 4868.
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Considerations
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Gross income required to file taxes in 2010 as head of household, is $12,000 if under age 65 and $13,400 if at least age 65. For married persons filing jointly, $18,700 if both of you are under age 65, $19,800 if one of you was at least age 65 and $20,900 if both of you were at least age 65. For married persons filing a separate return, regardless of age, $3,650. For persons filing as qualifying widow or widower with dependent child, is $15,050 if under age 65 and $16,150 if at least age 65. Single taxpayers, $9,350 if you are under age 65 and $10,750 if you are at least age 65.
Benefits
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Even if you do not meet the income requirements to file taxes, it can still be beneficial to file. The IRS uses tax returns to determine eligibility for any stimulus or rebate that may be offered, so in order to receive any available benefit, you would need to file a tax return.
Warning
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Always consult with an accountant if you have any additional sources of income, as other situations do exist that might require filing a tax return.
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Resources
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