Taxes can be tricky but that is why our team at Hoods Tax and Accounting are here to help! Today we’re going to discuss the question frequently asked, “how much do I have to make to file taxes?“.
To tell you the truth it is all dependent on the individual. Specifically filing status and age. It also depends on the year, so things can fluctuate greatly. Here are a few margins to help you get a better idea of where you fit in.
For example, Last year in 2017 the minimum for single filing status was roughly around $10,400. If you’re under the age of 65 that is. So if your income is below that amount, it’s not likely that you will have to file your federal tax return.
But there are so many different filing statuses, so here is the general overview:
Like we said earlier, at a single filing status, if you made below 10,400 and were under the age of 65 you do not have to file.
For married filing jointly, if you are both under the age of 65 your minimum would be $20,800. If one of you was older than 65 and another is younger, your minimum will be $22,050. And if you are both older than the age of 65 your income will have to be $23,300 for you to have to file for federal tax return.
For those who are married but filing separately things are a little simpler. For all ages your minimum income is $4,050 in order to have to file your federal tax return.
If you were a qualifying widow or widower with a dependent child your minimum if you are under the age of 65 is $16,750 if you’re older than 65 it is $18,000 even.
At Hoods Tax and Accounting, we understand it can be a little tricky to remember the age groups and maximums and minimums of taxes. That is why we are here to help if you have any questions or further concerns regarding this topic as well as any other please feel free to contact us and schedule a meeting. We look forward to hearing from you.
Write something about yourself. No need to be fancy, just an overview.