Tax returns are not for everyone in the US. There are some people who are free from the obligation of filing, which could be a relief. Although it could also be a negative thing because you have not been able to earn enough money. Therefore, it will be difficult to make ends meet if you have no other financial support.
Every year, from January to April, most workers have to have to deal with the filing of their tax returns, whether they like it or not. Not only filing, but also paying any taxes they owe the Internal Revenue Service -IRS. It is important that all taxpayers have enough information regarding their tax responsibilities. In this way, they can avoid penalties. A tax preparer could be a solution if you would like to forget about your tax return though.
Which amount do you need to make to file a tax return to the IRS?
If you are self-employed the IRS requires you to file a tax return and pay the necessary quarterly tax if your net earnings are $400 or more. However, for most taxpayers, it will depend on their gross income, age, and their required threshold. So there is not a single amount for everyone. Thus, for example, if you are a single filer and you are under 65, you must file a tax return if your gross income is at least 12,950 dollars.
If you are in that same situation but you are older than 65 or 65 years old, it is a little higher, $14,700. Younger than 65 years old heads of household must file a tax return if they earn at least $19,400. Nevertheless, being older allows you to have a higher threshold, $21,150. As you can see, those who are older than 65 have some extra support to make up for their low retirement benefits.
What is the minimum amount to file a return to the IRS if you are married and do it jointly?
Once more, those who file jointly and are married will have a different minimum. It will depend on the age again. Those who are married and want to file jointly but are younger than 65 must file a tax return if their income is at least $25,900. Those married filing jointly that are older can earn at least $27,300 (one spouse) or 28,700 dollars (both spouses).
Surprisingly, those who are married filing separately must file if they earn at least 5 dollars and at any age. Last but not least, qualifying surviving spouses. Those who are older than 65 or just 65 must file a tax return if they earn at least 27,300. Those who are under the age of 65 can earn at least 25,900 dollars.