How Much Money Do You Have to Make to File Taxes

How much money do you have to make to file taxes? Not everyone makes enough to file. The IRS has outlined several circumstances in which someone doesn't have to file a tax return, including people who earn below the set income limit. However, even if someone earns below the IRS-recommended income level, there are still a few reasons to consider filing anyway.

Depending on multiple factors, such as age and marital status, you may be exempt from filing an income tax return. When in doubt, consult with a professional tax preparer for income tax help. The following income amounts are based on 2009 filing requirements.

  • Single taxpayers under age 65 only need to file returns if they earn more than $8,950.
  • Married couples under age 65 are only required to file if their combined income exceeds $17,900. If you are earning more than $400 annually by being self-employed (such as babysitting or selling crafts), you must file an income tax return.
  • Single people over 65 must file when their incomes exceed $10,300.
  • Married seniors over age 65 should earn more than $20,000 before filing a joint income tax return.
  • Incomes over $11,500 (under 65) and $12,850 (over 65) are the threshold for those filing as head of household.
  • Widowers and widows don't need to file an income tax return if they earn less than $14,400 while under 65 years old, or $15,450 while over 65 years old.
  • A dependent must file an income tax return if he or she earned more than $5,450 annually.
  • Those making less than $400 per year are exempt from filing an income tax return.
  • For employees of a non-profit church, the maximum income can be just $108.28.

When You Should File Anyway
Filing even if you don't have to might be a good idea. Among the reasons to file is to get an earned income tax credit, child tax credit or first time homebuyer credit. You should also file if you had federal income tax withheld at some point in the year.

Related Life123 Articles

While we all need to pay our taxes, you shouldn't pay more than you actually owe. Understanding a few basic income tax tips can greatly lower your tax liability. You can claim a number of tax deductions in order to lower the actual amount of tax you pay. However, you should be aware of issues such as raises and the alternative minimum tax (AMT), which may alter your income tax analysis.

When tax time rolls around, people tend to fall into two categories: people who want to file their income tax return immediately and be done, and people who want to put it off as long as possible

Frequently Asked Questions on
More Related Life123 Articles

Are you worried about penalties for late tax returns? For whatever reason, you've let the April 15th income tax deadline come and go. There are penalties for late returns, but, if you follow the appropriate steps, you can minimize the penalties and keep things in good order with the IRS. 

Nearly 75 percent of Americans receive a tax return each year, with each return averaging nearly $2,500. That's a nice windfall for most of us but that doesn't mean you should run out and spend it like it's burning a hole in your pocket. 

Use our checklist as a guide to help you gather necessary forms and receipts for preparing your income tax return. 

© 2015 Life123, Inc. All rights reserved. An IAC Company