Different filing thresholds
The filing threshold is the amount of income you should have before filing your tax return. Individual factors might affect your filing threshold. For instance, if you are self-employed or the owner of a small business, you have to file a tax return for any earnings over $400.
For regular taxpayers, whether they’re employees, retired, or drawing Social Security income, the filing threshold is automatically much higher after 65 years old. Single filers who are under 65 are obliged to file a return when their income is over $12,400.
Seniors won’t have to file a return, at least not until their income exceeds $14,050. Married filers over 65 don’t need to file a joint return unless their income is over $27,400. If you only have Social Security, this could mean you don’t have to file a return at all.
Leave a Reply