What Is The Minimum Income To File Taxes ?
There are two prime factors which need to be considered before filing income tax in United States. Should the tax return filing is necessary as per the income tax law, which depends in variety of factors? Is filing the return is essential even when it is not required to, for your own benefit.
If you are a single employee (single or more than one job) and below age 65, you are required to file return if earning more than $8,950. For age above 65 the ceiling increases to $10,300.
For filing tax return jointly with your spouse, the amount which needs to be filed includes incomes from all the jobs (more than one) of both the husband and wife. The minimum income needs to be $17,900 (joint) for you and your other half for age below 65. For age above 65 (any one from the both of you), the ceiling increases to $18,290 and for age above 65 (both of you,) the ceiling rises to $20,000.
Self Employed Individuals:
For self employed persons, minimum income wherein tax return is required to be filed is $400, no matter you are single or married for under or above age 65.
Filing the tax return enables the individual to receive the refund if any, if you have already paid the tax which is more than the required amount. Moreover, you should file the return to make use of advantage of refundable tax credits.
Additionally, there is a misconception that filing is paying. Your income may fall in the tax slabs, but may be low enough to have any tax liability.
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