IRS. Here’s how much you have to earn to be able to submit taxes.
Filing a tax return is an annual practice for most taxpayers, but not everyone is required to do so. In general, if your income is below a specific threshold, you may not be required to file a tax return with theThe federal government of the United States will compel you to submit a tax return based on factors such as your age, handicap, filing status, and income. The charts below will help you determine this.
However, simply because you are not obligated to submit a tax return does not mean you should. Later in this post, we’ll go over why you should submit a tax return even if you don’t have to.
How Much You Have to Make to File Taxes:
The minimum income amount varies according to your filing status and age. For example, in 2021, the minimum for single filing status if under the age of 65 is $12,550. If your income is less than that amount, you are not required to submit a federal tax return. Other filing statuses and ages can be found in the entire list below:
Dependents’ Age and Status Requirements:
Is it necessary for me to submit taxes? Other circumstances that necessitate the submission of a tax return:
Even if your income bracket is lower than the minimum for your age group and status, you must normally file a Federal Tax Return if you fall into any of the “exceptional circumstances” categories listed below:
- If you earned $400 or more through self-employment.
- If you owe tax on a health savings account or a retirement plan, you must pay it.
- If you owe the Alternative Minimum Tax (AMT).
- If you are required to pay household employment taxes.
- If you received at least $108.28 in earnings from a tax-exempt church or church-controlled entity, you are exempt.
- If you received dividends from a Health Savings Account or a Medical Savings Account.
- If you must return a 2008 Homebuyer Credit (or other recapture tax).
- If you owe Social Security/Medicare taxes on unreported income (tips), contact the Social Security Administration.
Do you have to submit a tax return if you don’t have to? There’s a compelling reason why you should do it regardless:
Not being obliged to file may be a lousy reason not to, especially if you could use some additional cash after the holidays. Refunds cannot be obtained until a return is filed. Here are some of the reasons why you could be entitled to a refund:
- If you are a first-time homebuyer, you may be eligible for the First-Time Homebuyer Credit.
- If you are eligible for the Health Insurance Tax Credit.
- If you have paid your estimated tax and are eligible for a federal gasoline tax credit.
- If you have taxes deducted from your salary.
- If you are eligible for the Earned Income Tax Credit.
- If you are eligible for the American Opportunity Tax Credit.
- If you have kids and are eligible for the Child Tax Credit.
- If you have adopted a child and are eligible for the Adoption Tax Credit,
- If you are eligible for the Prior Year Minimum Tax Credit.
If you got a Form 1099-B (“Proceeds From Broker and Barter Exchange Transactions”), you should file a return if two conditions are met: Adding the figure in box 1d to your other gross income takes you beyond the income limit, and box 1e is left unfilled. Filing a return in that situation may prevent you from receiving a notification from the IRS.