amount to make to file taxes
If you are a freelancer, the minimum you need to file a tax return is none of the above. The amount of money you need to earn and to file a tax return is $400. Yes. That is not a misprint. It is $400. To be clear, this is not true of the group of people who call themselves freelancers and who are paid on W-2’s. How to File a Child's Income Tax. There are two methods to filing kid's tax returns. Attach to parent's return. If the child is under age 19 (or a full time student under 24), and the child's income is less than $10,500 and only from interest and dividends, it can be attached to the parent's return using Form 8814. Although, this may result in higher taxes on qualified dividends or capital gains. For the 2016 tax filing season, you’ll report the income that you received in 2015. That includes pay received in 2015 but not pay you receive in 2016 for services performed in 2015 (you’ll report that income next year). Not every person who received income in 2015 has to file a federal income tax return. To see if you need to file, check the chart below based on your filing status, age, and gross income amount. Also you need to file if you had at least $400 in net earnings from self-employment (income minus expenses) or you had marketplace health insurance and received advanced payments for the premium tax credit. Filing Status. Age at December 31, 2016. There are some cases where it’s advisable to e-file a tax return anyway, even if you aren’t required to. First, if you had federal income tax withheld from your pay, or if you made estimated tax payments, you should file in order to get any surplus withholding refunded back to you. Second, there are a few tax credits that can give you a refund even if you didn’t make enough income to file. You are required to file a federal income tax return if your income is above a certain level. That level varies quite a bit, depending on your filing status, your age and the kind of income you’re reporting. See the table below to see where your situation falls. Single is one of five filing status options. Filing status determines which standard deduction amount and which tax rates are used when calculating a person's federal income tax for the year. The table below shows the tax rates in effect for the year 2017 for single people. Registered domestic partners are considered unmarried, and thus need to file as single. Partners in a civil union are considered unmarried, and thus need to file as single. If you are required to file a 2015 tax return and you did not have minimum health insurance coverage for all of 2015, you will also need to file an additional form (form 8965). You’ll use form 8965 to claim an exemption from the shared responsibility payment or to figure the amount of the payment. (For more on exemptions, click here.) If you qualify for credits or subsidies, you must file a tax return in 2016 to reconcile the advance payments received in 2015. Self-employment taxes start if you earn $400 or more. Therefore you must file a tax return if you gross $400 or more. If you have business expenses that should be taken into account, do not expect the IRS to know that. You must file a Schedule C or Schedule C-EZ that indicate your expenses. You must consider three things when determining if you need to file a tax return: your age, your filing status and your income. Once you reach a certain income level, the law usually requires you to file taxes. The amounts are adjusted annually for inflation. Tax-filing earnings thresholds for 2016 taxes. Filing status.
To make to file taxes is $400.