To prepare for tax season, you need to know the answer to this question: How much do you have to make to file taxes? The amount of income required to file a tax return can vary due to many factors. Your age, filing status (single, married, etc.), and how you earn your money are the main things that will determine how much you need to earn before filing a tax return. Let’s take a deeper look at different tax situations and the minimum income for filing taxes.
In general, single filers (those not filing as part of a couple) will need to file taxes if they are under 65 and have a minimum taxable income of $13,850 for 2023 tax returns.
For married couples filing jointly and those over the age of 65, the income threshold for filing taxes is higher — we break down the details in a chart below.
However, there are a few situations where the income limit for filing taxes is significantly lower. For example, married people filing separately have a threshold of $5 of annual income. In the case of self-employment, net earnings of $400 or more mean you need to file a tax return.
Keep in mind that tax requirements can change every year. For instance, how much you have to make to file taxes will typically change before tax season to account for inflation and other factors. You can expect to see this amount go up as inflation does.
Read on to better understand income thresholds for filing taxes.
- What is the minimum income required to file taxes?
- Do I have to file taxes if I make less than the minimum?
- Do minors and dependents have to file taxes?
- Reasons to File Taxes Even If You Aren’t Required
- Need help filing taxes?
What is the minimum income required to file taxes?
So, how much do you have to make to file taxes? Below are the filing situations that apply to most taxpayers and the gross income required to file for the 2023 tax year. We won’t know the numbers for the 2024 tax year until we get closer to tax season. Note that all the numbers refer to “gross income”, which is all the income you receive that isn’t exempt from taxes.
Let’s look at the minimum income for filing taxes. You can find your earnings on the W-2 form you’ll receive from your employer around tax season.
Income limits for most taxpayers
| If you are under 65 | If you are 65 or older | |
| Single | $13,850. | $15,700. |
| Married and filing jointly | $27,700 if both spouses are under the age of 65. $29,200 if one spouse is under 65 and one is age 65 or older. | $30,700 if both are age 65 or older. |
| Head of household | $20,800. | $22,650. |
| Married but filing separately | $5. | $5. |
| Qualifying widow or widower | $27,700. | $29,200. |
Filing statuses can be confusing. Here are the main filing statuses and what they mean:
- Single: Generally, you’re considered single if you’re unmarried on the last day of the year for which you file taxes. However, if you’re unmarried, you may also be able to file as ‘head of household.’
- Head of household: In most cases, if you’re unmarried, paid more than half the cost of upkeep on a home for the year, and have a qualifying person live in your home for more than half of the year, you may be able to file as ‘head of a household.’
- Married: You’re considered married if you’re married and living together, married but living apart, or in a common-law marriage on the last day of the year you’re filing. You and your partner can decide whether to file taxes jointly or separately, depending on your situation.
- Widow/Widower: The primary criteria for filing as a widow or widower is that you were entitled to file a joint tax return with your spouse for the year they passed away. However, several other conditions must also be met.
Keep in mind that Social Security benefits are taxable at the federal level because they count as income. However, tax rules regarding them depend on the amount you get from these benefits. For instance, if you have a combined income of $25,000 (including social security benefits), you may have to pay taxes on up to 50% of this. This amount increases the more you receive. On the other hand, you typically don’t have to pay state taxes on these benefits, depending on where you live.
Do I have to file taxes if I make less than the minimum?
Even if you do not meet the minimum income to file taxes, there are many situations where you may still need to file.
How much do you have to make to file taxes if you earn less than the minimum taxable income from regular work? Generally, you’ll have to file if:
- You earned more than $400 in self-employment income
- You made over $108.28 from a church or church-related organization
- You have received money in a health savings account (HSA)
- You owe taxes on an HSA or Individual Retirement Account (IRA)
- You owe Medicare or Social Security tax on unreported tips, or on tips your employer hasn’t taken out of your pay
- You, your spouse, or your dependent received premium tax credit payments for health coverage obtained through the insurance marketplace
While these are the most common reasons to file despite making less than the income threshold for filing, there are additional situations where you may need to file taxes. Talking with a tax professional can help you ensure you’re doing everything correctly.
Do minors and dependents have to file taxes?
Even minors and dependents might need to file taxes. But who needs to file a tax return? It depends on how much money they make and where it comes from. In 2023, if they make the minimum taxable earnings of $13,850 from working, they must have filed.
Kids can also make money without working, like from a savings or investment account opened in their name. This is called unearned income. They’ll need to file taxes if they have more than $1,250 of unearned income.
Therefore, if you claim someone else as a dependent, they might still need to file taxes if they earn enough money. Remember, these numbers change yearly, so it’s always a good idea to check the latest rules or ask a professional for help.
Reasons to File Taxes Even If You Aren’t Required
Knowing when to file taxes is helpful, but sometimes, you might not have to file taxes based on how much you’ve earned. But there are good reasons to file anyway. Filing taxes can help you get your money back or avoid problems later.
Let’s look at reasons why you might want to file taxes even if you don’t have to.
- Get money back: When you work, some of your pay goes to the government as taxes. Sometimes, the government takes too much. If you file taxes, you can get this extra money back. This is called a tax refund.
- Child and Dependent Care Credit: Do you pay someone to care for your child or a family member who needs help? If so, you might get money back. This is called the Child and Dependent Care Credit. It helps families who need to pay for care so they can work or look for a job.
- Earned Income Tax Credit: This is a special credit for people who work but make little money. If you qualify, you could get extra money back from the government. The amount you get depends on how much you earn and how many kids you have. Even if you don’t owe any taxes, you can still get this credit if you file.
- Avoid penalties: If you don’t file taxes when you should, you might have to pay extra later. This payment is called a penalty. By filing taxes, you can avoid these penalties even when you’re not sure if you need to.
- Other credits: There are more ways to get money back when you file taxes. For example, you might get money back if you’re in school (education credit) or you made energy-saving renovations (energy credit). These credits can lower the taxes you owe or give you money back.
- Proof of income: When you file taxes, you get a record of how much money you made. This record is important. You might need it to rent a house, get a loan, or apply for help from the government. Having this proof can make these things easier.
- Social Security benefits: When you work and pay taxes, you earn points for Social Security. Social Security is money you can get when you’re older and stop working. Points don’t determine the amount of money you’ll receive. Still, they can ensure you’re eligible for certain benefits like Medicare.
Remember, even if you don’t have to file taxes, it’s good to check if you benefit from filing. You could get your money back or avoid problems in the future. If you’re unsure, asking a professional for help or advice is a great option.
Need help filing taxes?
In this article, you’ve hopefully learned a lot about filing taxes. Remember, how much money you need to make to file taxes depends on your age, whether you’re married, and what year you’re filing in. Even if you don’t have to file, it can be a good idea.
Filing taxes can be a stressful and confusing process. At Sun Loan, we have more than two decades of preparation experience and offer multiple ways to file. Whether you drop your tax information off at one of our branches, file with us in-person, or upload online, we’ll make sure that you get the biggest refund possible. To learn more and get started, click here.
