Minimum income required for filing taxes

What is the Minimum Income Required for Filing Taxes?

The amount of money that qualifies one for tax filing varies, depending on the income, age and martial status he or she claims on their taxes. The amount can change on a yearly basis.

Income Requirements for Filing Taxes

The standards shown here are for individuals filing in 2012 for the 2011 year. While they may change in future years, they will provide decent estimates.

                                               Single Taxpayers

If you are claiming that you are single on your taxes, the minimum gross income is $9,500 if you are under the age of 65, and $10,950 if you are at least 65 years old.

                                           Married Filing Jointly

Individuals who are married and want to file jointly have higher gross annual income requirements. If both individuals are under the age of 65, the amount is $19,000. For individuals that are both 65 years of age and older, the minimum is $21,300. The lowest gross annual income for filing taxes is $20,150 if one of the individuals is age 65 or older. If the couple is not living together or is not living together on the day that one of the spouses die, the person or persons must file if the gross annual income is $3,700 or higher.

                                      Married Filing Separately

Despite age, if a married couple is filing separately, they must file if the gross income is $3,700 or higher.

                                         Head of Household

Individuals who are filing as a head of household must have earned $12,200 if under the age of 65, and $13,650 if at least the age of 65 years old.

                                  Qualifying Widow or Widower

Widows or widowers who are considered qualifying have a different set of standards. They must file if they have a gross annual income of $15,300 for individuals under 65 years of age, and $16,450 for individuals age 65 or older.

                                   Considerations

In addition to income and marital status, there are other considerations which might determine that you need to file taxes including:

• Dependents younger than 65 must file if they have made more than $950 in unearned income or more than $5,800 in earned income.
• Dependents age 65 or older must file if they have made more than $2,400 in unearned income if single ($2,100 if married) or more than $7,250 ($6,950 if married) in earned income.
• You must file if you owe Alternative minimum tax, FICA taxes, Social Security taxes, Medicare taxes, unreported tips, or other income that was not reported.
• You must file if you are self-employed and have over $400 in net earnings.
• You must file if you have earned at least $108.28 from a church or church organization.