How Much Do You Have to Make to File Taxes?

Posted by in Taxes | Updated on August 26, 2022

The deadline for filing taxes is getting closer and closer, and with that, people need to get their information before that date. Filing taxes is a serious matter, so everyone should make sure they prepare properly. One of the questions you should ask yourself is “how much do you have to make to file taxes?”If that is your curiosity, you can trust this article to give you the answer.

Determining Your Filing Status

In order to know how much you have to make to file taxes, you have to determine your filing status. The minimum income depends on your age and the filing status. The latter is useful in establishing your filing requirements, eligibility for certain credits, standard deduction, and correct tax. It might be possible that more than one filing status applies to one person, though. Usually, the one that results in the lowest tax amount is selected.

To determine your filing status, you need some information. This includes your marital status, as well as the spouse’s year of death if it’s the case. Other than that, you need the percentage of costs paid by the members of the household to keep up the home.

How Much You Own Based on Filing Status

As mentioned, different filing statuses will owe different amounts. It’s important to know how much you owe based on your filing status. Otherwise, it will be hard for you to prepare and do everything accordingly.

Single

People who are single and under the age of 65 can make a minimum amount of annual gross income of $12,200 to file a tax return. On the other hand, if someone is 65 or older and wants to file single, then the minimum amount becomes $13,850.

Married Filing Jointly

Are you married and filing jointly? Then how much you make will depend on how old both you and your spouse are. It usually comes out to double what someone filing single would require. So, if you are under 65 and your spouse is 65 or older, you will have to split the difference, and you should make $25,700. If both you and your spouse are 65 or older, then you will have to make a minimum amount of $27,000. Lastly, if you and your spouse are both younger than 65, then you should make at least $24,400.

Qualifying Window(er)

Someone who is a qualifying widower is a person whose spouse died in this tax year. If you are in this category and you have a dependent child, you should also be able to file as married filing jointly. The age disparity will apply in this scenario as well, so at least $25,700 if you’re 65 or older than that, and at least $24,400 if you’re younger than 65.

Married and Filing Separately

You can be married yet file separately. Therefore, if you and your spouse are part of this category, you only need a gross income that totals $5 to be able to file a tax return.

Head of Household

Being the head of the household will come with its own requirements. If you want to file as such, then you will have to make at least $18,350 to be able to file a tax return if you’re under 65 years old. For heads of the household who are 65 or older, the amount they should make is at least $20,000 in gross income.

Taxes for Dependents

Even if you’re being claimed as a dependent, you may be able to file a tax return nonetheless. It all depends on several things. There are different types of income to keep in mind: the earned income, the unearned income (or passive income), the gross income, and the minimums for all of them.

Here are the taxes for dependents based on whether they are married or single.

Single

Single dependents who are younger than 65 and not blind can file tax returns in the following situations:

  • They made over $12,200 in earned income
  • They made more than $1,100 in unearned income
  • They had a gross income that was more than the larger of either $1,100 or their earned income up to $11,850 plus $350.

Meanwhile, those who are single independents who are either blind, 65 or older, will have to file a tax return in the following scenarios:

  • They made more than $13,850 in earned income
  • They made more than $2,750 in unearned income
  • They had a gross income that was more than $2,750 or the earned income up to $11,850 plus $2,000

Lastly, people who are single dependents who are both 65 or older and also blind must file a tax return in these situations:

  • They made more than $15,500 in earned income
  • They made more than $4,400 in unearned income
  • They had a gross income that was more than the larger of either $4,400 or their earned income up to $11,850 plus $3,650

Married

People who are married will also have to file for taxes in some cases.

For instance, people who are married dependents who are not blind and are younger than 65, will have to file a tax return if:

  • They made more than $12,200 in earned income
  • They made more than $1,100 in unearned income
  • They had a gross income that was $5 or more, and their spouse files a return separately and itemizes deductions
  • Their gross income was more than the larger of either $1,100 and their earned income was up to $11,850 plus $350

Meanwhile, married dependents who are either 65, older than 65, or blind file tax returns if:

  • They made more than $13,500 in earned income
  • The unearned income amount was more than $2,400
  • Their gross income was more than the larger of either $2,400 or their earned income up to $11,850 plus $1,650
  • Their gross income was $5 or more and their spouse files their return separately while itemizing deductions

Then, those who are married dependents and are both blind and 65 or older will have to file a tax return in these situations:

  • Their earned income was more than $14,800
  • They had more than $3,700 in unearned income
  • They had a gross income more than the larger of either $3,700 or their earned income up to $11,850 plus $2,950
  • They had a gross income that was $5 or more, and their spouse files their return separately and itemizes deductions

Do Students Have to Pay Taxes?

Up to the age of 19 years old, your parents can claim you as a dependent, at least unless you continue your education. If you continue your education, they can claim you as a dependent through age 24. Students who are claimed as dependent should check the requirements of dependents to see if they fit there, and if they do, then they can file a tax return.

Why You Might Want to File Even If You Don’t Have to

You should bear in mind that even if it’s not necessary for you to file a tax return, you might still want to do so. Look into it, because it’s possible to be able to deduct a limited amount of higher education expenses, or at least claim some education-specific tax credits such as the American Opportunity Credit. This depends on each situation, but it’s important to look into it first and see if you qualify.

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Conclusion

If you were wondering “How much do you have to make to file taxes?”,now you know the answer. Make sure to discover your status first, and then you’ll know how much you should make in order tofile taxes.


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