What is the minimum income required to file a federal tax return?
The minimum income amount depends on your filing status and age. In 2017, for example, the minimum for single filing status if under age 65 is $10,400. If your income is below that threshold, you generally do not need to file a federal tax return.
When determining whether you need to file a return, you don't include tax-exempt income. In 2017 for example, if you are under age 65 and single, you must file a tax return if you earn $10,400 or more, which is the sum of the 2017 standard deduction for a single taxpayer plus one exemption.
- The minimum income amount depends on your filing status and age. In 2017, for example, the minimum for single filing status if under age 65 is $10,400. If your income is below that threshold, you generally do not need to file a federal tax return.
- How much can I earn and still qualify?
If you have: Your earned income (and adjusted gross income) must be less than: Your maximum credit will be: 1 qualifying child $39,617 ($45,207 if married and filing a joint return) $3,400 2 or more qualifying children $45,007 ($50,597 if married and filing a joint return) $5,616
- You can earn a certain amount of income each year, called your Personal Allowance, before you need to pay any Income Tax. In general, everyone gets the same Personal Allowance of £11,850 for the year 2018-19. However, you might get less if your income is over £100,000 or if you owe tax from a previous tax year.
For single dependents who are under the age of 65 and not blind, you generally must file a federal income tax return if your unearned income (such as from dividends or interest) was more than $1,050 or if your earned income (such as from wages or salary) was more than $6,300.
- No you would not be required to file a tax return for a W-2 of less than $500 assuming you had no other income. If any federal income tax was withheld, you should file a return to get a refund of the withholding.
- For the year 2018, this limit on earned income is $17,040 ($1,420 per month). The amount goes up each year. If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit.
- Table 1. 2017 Filing Requirements for Independent Taxpayers
If your filing status is And at the end of 2017 you were Then you must file a return if your gross income was at least Single under 65 $10,400 65 or older $11,950 Married filing jointly under 65 (both spouses) $20,800 65 or older (one spouse) $22,050
Updated: 2nd October 2019