The deadline to file taxes is Monday, April 15, 2024. What is the minimum income required to file?
The Internal Revenue Service (IRS) takes incorrect tax payments very seriously, even considering them tax evasion and fraud. Therefore, it is imperative to ensure taxes are filed correctly and on time for the deadline, but what is the minimum amount that requires someone to pay taxes?
Most U.S. citizens and permanent residents working in the United States must file a tax return if they earn above a certain income threshold. Several factors, such as gross income and filing status, influence this.
The gross income is everything a person earned throughout the year in terms of money, goods, property, or services that are not exempt from federal taxes. This also includes income earned outside the country and from the sale of a home.
A filing threshold is the minimum amount a person needs to earn to be required to file a tax return. There are five filing statuses: single, head of household, married filing jointly, married filing separately, and qualifying surviving spouse.
Minimum Income Amounts Required to File Taxes
- Single and under 65 years old: $13,850. Single and 65 or older: $15,700.
- Head of Household and under 65 years old: $20,800. Head of Household and 65 or older: $22,650.
- Married filing jointly and under 65 years old (both spouses): $27,700. 65 or older (one spouse): $29,200 and 65 or older (both spouses): $30,700.
- Married filing separately: Any age: $5.
- Qualifying surviving spouse and under 65 years old: $27,700. 65 or older: $29,200.
Self-employed individuals must file taxes if they earned more than $400 from self-employment and must submit an annual tax return and a quarterly estimated tax payment form.
Those defined as dependents may also need to file a return based on their gross income.
This is determined by earned income (wages, salaries, tips, and any amount received as payment for work performed) and unearned income (investment income, including interest, dividends, capital gains, rents, royalties, interest distributions, dividends, capital gains, etc.).
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