Paying income tax is necessary, and one should not evade it. If one escapes it and the IRS knows about it, one can get into legal trouble. So always pay your income tax on time. But many of you may not really know how much money do you have to make file taxes?
In 2021, the income of a person aged below 65 years needed to be at least $12,550 to pay taxes as a single filler. However, if a person is 65 years above, then their income slab is more than $14,250. If you are the head of household and below 65 years of age, you need to make $18,800 to file taxes; in the case of 65 years above age, the amount is $20,500.
The income slabs for married couples filing jointly and separately, widows are also different. So let’s get to know about them and more about taxable income in this article!
How much money do you have to make to file taxes?
A single filer who is below 65 years old has to file taxes if he makes at least $12,550. However, if the filer is above 65 years old, their minimum income needs to be $14,250 to file taxes; apart from this, the income tax slabs for married, head of household, widow, and dependants are different. So let’s have a look at all of them in the table below, according to 2021 rules!
| Status | Minimum Income for Under 65 Years Old | Minimum Income for Above 65 Years Old |
| Single Filer | $12,550 | $14,250 |
| Married & Jointly Filing | $25,100If one partner is 65 years above – $26,800 | $28,500 for both partners above 65 |
| Married & Filing separately | $5 | $5 |
| Head of Household | $18,800 | $20,500 |
| Qualifying Widower | $25,100 | $26,450 |
How Much Do You Have to Make if You’re a Dependent to file taxes?
Depending on a variety of factors, you may still be required to file a tax return even if you are proclaimed as a dependent. In addition, there are different income types for paying income tax if you are a minor. So let’s get to know about them:
Dependents Who Are Single:
| Condition | Taxable Income for Under 65 Years age | Taxable Income for Above 65 years age | Taxable Income for 65 Years above and blind |
| Unearned Income | $1100 | $2800 | $4500 |
| Earned Income | $12,550 | $14,250 | $15,950 |
| Gross income more than the larger of | $1100Earned income upto $12,200+$350 | $2800Earned income upto $12,200+$2050 | $4500Earned income upto $12,200+$3750 |
Married Dependents:
| Condition | Taxable Income for Under 65 Years age | Taxable Income for Above 65 years age | Taxable Income for 65 Years above and blind |
| Unearned Income | $1100 | $2450 | $3800 |
| Earned Income | $12,550 | $13,900 | $15,250 |
| Gross income more than the larger of | $1100Earned income upto $12,200+$350 | $2450Earned income upto $12,200+$700 | $3800Earned income upto $12,200+$3050 |
If your partner files a separate return, you have to file your own return if your gross income is at least $5.
Who is required to file a tax return?
The vast majority of U.S. citizens and permanent residents who work in the U.S. are obligated to file a tax return if they earn more than a predetermined amount. The predetermined amount depends on the status of the person and the age of the person. There are five statuses:
- Single
- Married filing jointly
- Married filing separately
- Qualifying widow(er)
- Head of household
We have mentioned the minimum income slabs for these five statuses. So, if one’s income equals or exceeds their particular status, then they have to pay taxes.
Apart from this, if one’s income exceeds the minimum amount, even though they are:
- Minor
- Lived or earned in another country
- Living in Puerto Rico
- Earning from Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the U.S. Virgin Islands
They are entitled to file tax returns.
How much money do you have to make at a job to file taxes?
Even though you do a job or your own business, your income needs to be a minimum of $12,550 to file taxes. You will be entitled to pay taxes on your job income whether you do one job or two jobs.
However, if your salary is below the standard deduction, then you don’t need to file a return. But, you can still file a return without paying taxes.
Do You Have to File Taxes if You’re a Student?
A tax return must be filed by college students who earn more than a certain amount. If you have a dependent or are married, your household income may be higher or lower than this amount. If you earned more than $12,550 in a year as a single student, you are required to file a tax return.
Even if you didn’t earn much money, you should file taxes if you received a W-2 showing federal tax withholding from your employer. Then, you can get a refund check later.
However, Your parents can claim you as a dependent until you reach the age of 19, unless you proceed with your education, in which instance they can claim you until you reach the age of 24. So, in that case, you have to pay taxes or file a return based on the dependent’s requirements that we mentioned above.
If I make less than 5000 a year do I have to file taxes?
No, you don’t need to pay taxes if your income is less than $5000 a year. Generally, a single filer’s income should be more than $12,550 per year to file the return and pay taxes.
But, if you made $5000 a year, then no need to file taxes. However, you can still file a return without taxes, and it will be beneficial for you.
How much money do you have to make to not pay taxes?
You need to make less than $12,550 as a single filer aged below 65 years if you don’t want to pay taxes. However, if you are above 65 years old, then you have to make less than $14,250 to not pay taxes.
There are five statuses in which the incomes of different kinds of people are divided. So you have to make less than the minimum taxable income of the category you fall in. Here are is a simple table explaining how much money do you have to make to not pay taxes:
| Status | Minimum Income for Under 65 Years Old | Minimum Income for Above 65 Years Old |
| Single Filer | Less than $12,550 | Less than $14,250 |
| Married & Jointly Filing | Less than $25,100If one partner is 65 years above – Less than $26,800 | Less than $28,500 for both partners above 65 |
| Married & Filing separately | Less than $5 | Less than $5 |
| Head of Household | Less than $18,800 | Less than $20,500 |
| Qualifying Widower | Less than $25,100 | Less than $26,450 |
How much do you have to make to file taxes 2022?
According to the IRS published table, you have to file your 2021 income tax return in 20222, based on these income slabs:
| Status | Minimum Income for Under 65 Years Old | Minimum Income for Above 65 Years Old |
| Single Filer | $12,550 | $14,250 |
| Married & Jointly Filing | $25,100If one partner is 65 years above – $26,800 | $28,500 for both partners above 65 |
| Married & Filing separately | $5 | $5 |
| Head of Household | $18,800 | $20,500 |
| Qualifying Widower | $25,100 | $26,450 |
A federal income tax return is required if your 2021 taxable income exceeds the amounts listed in the table above. According to the IRS, “gross income” refers to all money, goods, property, and services received, regardless of whether the gain is taxable or not, including income received from sources outside the United States, stock sales, business sales, or home sales.
How to File a Tax Return?
Here’s how to file a tax return:
- Compile your tax records, such as W2s from your employers, 1099s from your investment income, and interest statements from your mortgage.
- Reduce your taxable income by either taking the standard deduction or itemizing your deductions.
- Determine the amount to pay by selecting a filing status.
- You must submit your information to a specialist or electronically.
Bottom Line
So this was all about the tax return on your income. We hope now you definitely know how much money do you have to make file taxes. Now, while filing for a tax return, ascertain which income status you fall in and then get your return filed from either a specialist or do it yourself after taking all the rebates and deductions.
We hope you found this article helpful & informative. Please leave your valuable thoughts & suggestions in the comments below!
Thank you for reading!
