HOW MUCH MONEY CAN I MAKE BEFORE IM REQUIRED TO FILE TAXES

If you have made enough money, to file your taxes depends on a couple of things. When you are trying to figure out whether you should file, take into consideration your age, filing status, and of course income… One thing you should know is  if you are self employed, that if you make 400 dollars you have to  report that income. Below is a table that you can use to decide if you have to file taxes.

  •     I always let people know if you have withholding on your w2, file your taxes your entiled to the money you worked for. You never know what credits you are entitled to, and it never hurt to see. If you have dependants you should most definantely file taxes here are a few other reason you should file.

BECAUSE IT’S YOUR MONEY AND YOU WANT IT NOW

BUT SERIOUSLY …..IT’S YOURS.

If for any reason you  owe any special taxes, including any of the following:
Alternative minimum tax
Additional tax on a qualified plan, including an IRA or another tax-favored account
Social security and Medicare tax on tips you did not report to your employer, or on wages you received from an employer who did not withhold these taxes
First-time homebuyer’s credit repayment (1040, line 60b)

 

If you had wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security and Medicare taxes,
If you (or your spouse, if filing jointly) received HSA, Archer MSA, or Medicare Advantage MSA distributions,
If you received advance payments of the Premium Tax Credit for yourself, your spouse or a dependent who enrolled in health coverage through the Marketplace (you should receive Form 1095-A)Write-in taxes, including uncollected social security.

TASHA WANTS YOU TO CHECK THIS OUT~  Earned income and non earned income

 

DON’T TAKE MY WORD BEFORE YOU LOOK INTO IT THINGS CHANGE EVERY YEAR. CHECK ON THE IRS SITE

Filing Status Age Minimum W-2 Income Requirement Minimum Self-Employment Income Requirement
Single Under 65 $10,350 $400
65 or older $11,900 $400
Head of Household Under 65 $13,350 $400
65 or older $14,900 $400
Married Filing Jointly Under 65 (both spouses) $20,700 $400
65 or older (one spouse) $21,950 $400
65 or older (both spouses) $23,200 $400
Married Filing Separately Any age $4,050 $400
Qualifying Widow(er) with Dependent Children Under 65 $16,650 $400
65 or older $17,900 $400

 

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