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.

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