How Much Must You Make a Year to File Taxes?
The complexity of the tax code coupled with penalties associated with any mistakes made interpreting that code can make filing taxes an anxiety-filled process. Some taxpayers are fortunate in that they are not required to file an income tax return. So before you gather up your income information and begin your 1040, it is essential that you familiarize yourself with the filing requirements.
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Income Requirements
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Taxpayers younger than 65 are required to file a return if they earn at least $9,350 if single, $12,050 if head of household, $18,700 if married filing jointly, $3,650 if married filing separately and $15,050 if qualifying widow or widower.
Exceptions
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Tax filers older than 65 are allowed a higher filing limit than ordinary taxpayers. They are not required to file a return unless their gross income was at least $10,750 if single, $13,450 if head of household, $20,900 if married filing jointly and $16,150 if qualifying widow or widower. The income limit for separate filers, $3,650, is the same for taxpayers at any age.
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Special Circumstances
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Taxpayers who meet certain criteria are required to file a return even if they don't meet the income requirements. For example, if you owe any special taxes, such as the alternative minimum tax, Social Security or Medicare tax on tips, household employment taxes or recapture taxes, then you are required to file a return. Additionally, if you received advanced earned income credits from your employer, had net earnings from self-employment in excess of $400 or had net earnings of more than $108.28 from a church, then you are required to file a return.
Considerations
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Even if your income does not reach the income limit specified for your filing status, it may still be in your interest to file. For example, if you had federal tax withheld from your pay during the tax year but did not earn enough to be required to file, then you should file to get a refund of your federal tax withheld. In addition, you may qualify for an IRS credit such as the Earned Income Credit or the Making Work Pay Credit, which could result in a refund when you file your income taxes.
Warning
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If you are required to file an income tax return but fail to do so, the IRS may file a substitute return on your behalf. The return filed by the IRS will not include any exemptions, deductions or credits for which you may be eligible, thereby increasing your overall tax liability.
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