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|
|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|