Do You Have To File Taxes If You Make Less Than A Certain Amount?

How Much Do You Have to Make to File Taxes? Club Thrifty from clubthrifty.com

Tax season can be a stressful time of year. Whether you're filing your taxes yourself or visiting a tax specialist, understanding the various tax requirements and laws can be overwhelming. One of the most common questions that taxpayers have is, "Do I have to file taxes if I make less than a certain amount?" The short answer to this question is yes, you do typically have to file taxes, even if you make less than a certain amount.

In the United States, the Internal Revenue Service (IRS) requires taxpayers to file a tax return annually. This includes individuals who have income from any source, including wages, investments, self-employment, and other forms of income. Even if your income is below the minimum filing requirement for your filing status, you must still file a return. The exact filing requirement for each filing status can be found on the IRS website.

What Is the Minimum Amount You Have to Make to File Taxes?

The amount of income you must make to file taxes depends on your filing status. In 2023, the minimum filing requirement is as follows:

Single: $12,200
Married Filing Jointly: $24,400
Head of Household: $18,350
Qualifying Widow(er) with Dependent Child: $24,400
Married Filing Separately: $5

If you are under the age of 65 and make more than the minimum filing requirement for your filing status, you must file a tax return. Keep in mind that even if your income is below the minimum filing requirement, you may still have to file taxes if you meet any of the following criteria:

You owe any taxes, such as self-employment taxes, estimated taxes, or additional taxes on early distributions from a retirement plan.
You owe the Alternative Minimum Tax (AMT).
You received certain types of income, such as unemployment benefits, Social Security benefits, or income from foreign sources.
You are claiming certain credits, such as the Earned Income Credit (EIC) or the Additional Child Tax Credit (ACTC).

Do You Have to File a Tax Return Even If You Don't Owe Taxes?

Yes, you must still file a tax return even if you don't owe any taxes. Filing a tax return is a critical step in ensuring that you receive any tax refunds, credits, or other benefits you may be eligible for. Even if you don't owe taxes and don't expect to receive a refund, you must still file a return. This is because the IRS often uses information reported on your tax return to verify information reported on other documents, such as loan applications.

What Options Are Available If You Don't Have to File a Tax Return?

If you don't have to file a tax return due to your filing status and income level, you may still want to file a return to receive any credits or refunds you may be eligible for. In this case, you can use a variety of tax preparation software or online services to file your taxes. You can also visit a tax specialist for help filing your taxes.

If you don't want to file a tax return, you may still need to submit certain documents to the IRS. For example, if you have income from any source, you may need to submit a Form W-2 or Form 1099 to the IRS. In addition, if you are self-employed, you may need to submit a Schedule C or Schedule SE.

Conclusion

Understanding the various tax requirements and laws can be overwhelming. The answer to the question, "Do I have to file taxes if I make less than a certain amount?", is typically yes, even if your income is below the minimum filing requirement for your filing status. The exact filing requirement for each filing status can be found on the IRS website. If you don't have to file a tax return due to your filing status and income level, you may still want to file a return to receive any credits or refunds you may be eligible for.