How much do you have to make to file taxes? Are you required to file?
There are many reasons why you should file an income tax. However, you are only required to file taxes if your yearly income surpasses the income threshold requirement, if you are self-employed and your net earnings are $400 or more, and/or if you received a 1099-MISC/ 1099-NEC form (for payments of $600 or more). You are also required to file if you purchased health insurance from the marketplace.
In 2022, you are required to file if your income exceeds the following threshold for your filing status:
Single filing status:
$12,950 if you are under 65 years old
$14,700 if you are 65 or older
Married filing jointly:
$25,900 if both spouses are under 65 years old
$27,300 if one spouse is under 65 and one is 65 or older
$28,700 if both spouses are 65 or older
Married filing separately:
$5 any age
Head of household:
$19,400 if you are under 65 years old
$21,150 if you are 65 or older
Qualifying widow(er) with dependent child:
$25,900 if you are under 65 years old
$27,300 if you are 65 or older
There are other reasons why you should consider filing a tax return even when you are not required to do so. As mentioned on prior posts, you might be eligible to claim a refund if you qualify for deductions and credits, or even if you overpaid tax withholdings during the year. Filing taxes is also important to secure loans, and to avoid paying penalties and interest to the tax agencies if you owe them.
Would you like to know more about these topics? Get in touch with us! Let us fix your tax problems! You can call/text us at (347) 720-2224, or email us your concerns at contact@ztaxllc.com. Follow us on social media.
