What is the federal gross income filing requirement?
2023 filing requirements for most taxpayers: Gross income of at least $13,850 (individuals) or $27,700 (married filing jointly). Different thresholds apply for dependents, people 65 and older, and those who use other tax filing statuses (like married filing separately).
| Filing Status | Taxpayer age at the end of 2022 | A taxpayer must file a return if their gross income was at least: |
|---|---|---|
| single | under 65 | $12,950 |
| single | 65 or older | $14,700 |
| head of household | under 65 | $19,400 |
| head of household | 65 or older | $21,150 |
| Filing status | Age at the end of 2023 | A person must file a return if their gross income was at least: |
|---|---|---|
| Single | Under 65 | $13,850 |
| Single | 65 or older | $15,700 |
| Head of household | Under 65 | $20,800 |
| Head of household | 65 or older | $22,650 |
| If your filing status is: | File a tax return if your gross income was at least: |
|---|---|
| Single | $13,850 |
| Head of household | $20,800 |
| Married filing jointly | $27,700 (both spouses under 65) $29,200 (one spouse under 65) |
| Married filing separately | $5 |
Yes. The IRS requires that you report all of your income, even if it's less than $600 and you didn't get a tax form for it. Follow these steps to enter your income. We'll ask you some questions to determine if your income is from self-employment or is ordinary income.
The minimum income amount depends on your filing status and age. In 2023, for example, the minimum for Single filing status if under age 65 is $13,850. If your income is below that threshold, you generally do not need to file a federal tax return.
Taxes aren't determined by age, so you will never age out of paying taxes. Basically, if you're 65 or older, you have to file a return for tax year 2023 (which is due in 2024) if your gross income is $15,700 or higher.
If you have income below the standard deduction threshold for 2023, which is $13,850 for single filers and $27,700 for those married filing jointly, you may not be required to file a return.
To be exempt from withholding, both of the following must be true: You owed no federal income tax in the prior tax year, and. You expect to owe no federal income tax in the current tax year.
There is no threshold amount for withholding taxes from an employee's wages. As an employer, you're responsible for withholding taxes on every employee's wages from day one based on the information the employee provides to you on Form W-4.
What is the new IRS $600 rule?
The new "$600 rule"
Under the new rules set forth by the IRS, if you got paid more than $600 for the transaction of goods and services through third-party payment platforms, you will receive a 1099-K for reporting the income.
So as long as you earned income, there is no minimum to file taxes in California. It is a good idea to talk with a tax professional to determine your filing status and whether you are required to file or could benefit from doing so anyway.
However, if your net earnings from self-employment were less than $400, you must still report those earnings. If you're working for yourself you'll also receive 1099 forms from the companies or individuals paying you. You'll either get a Form 1099-NEC, 1099-K or possibly 1099-MISC.
There is no age at which you will no longer be taxed on Social Security payments. So, if those payments when combined with your other forms of income, exceed one of the two thresholds, then you will have to pay at least federal taxes on either 50% or 85% of the benefits you receive.
A household should spend a maximum of 28% of its gross monthly income on total housing expenses according to this rule, and no more than 36% on total debt service. This includes housing and other debt such as car loans and credit cards. Lenders often use this rule to assess whether to extend credit to borrowers.
Unless your combined income for 2024 is less than $25,000 (less than $32,000 for married couples filing jointly), a percentage of your Social Security payments will be subject to income tax.
Generally, if Social Security benefits were your only income, your benefits are not taxable and you probably do not need to file a federal income tax return.
You report the taxable portion of your social security benefits on line 6b of Form 1040 or Form 1040-SR. Your benefits may be taxable if the total of (1) one-half of your benefits, plus (2) all of your other income, including tax-exempt interest, is greater than the base amount for your filing status.
Some seniors must pay federal income taxes on their Social Security benefits, depending on their income and filing status. If you have a source of income that is substantially more than what you receive from your Social Security benefits, you will pay federal income taxes on up to 85% of your benefits.
Key Takeaways. If you earn less than the standard deduction for your filing status, you likely don't need to file a tax return. Even if you don't meet the filing threshold, you may still have to file taxes if you have other types of income.
Can I get a tax refund if my only income is Social Security?
You would not be required to file a tax return. But you might want to file a return, because even though you are not required to pay taxes on your Social Security, you may be able to get a refund of any money withheld from your paycheck for taxes.
If you were financially reliant upon a family member for the majority of the year, this person could claim your income for tax purposes. Additionally, to claim exempt from withholding federal taxes, you must have owed no federal income tax in the previous year and expect to owe nothing in the current year.
Under-withholding from Your Paycheck
Under-withholding is the #1 reason individuals owe taxes. This occurs when not enough tax is taken out of your paychecks throughout the year.
Nontaxable income won't be taxed, whether or not you enter it on your tax return. The following items are deemed nontaxable by the IRS: Inheritances, gifts and bequests. Cash rebates on items you purchase from a retailer, manufacturer or dealer.
There's no penalty for failure to file if you're due a refund. However, you risk losing a refund altogether if you file a return or otherwise claim a refund after the statute of limitations has expired.
