Who Has to File a Tax Return?
February 21, 2020
Each year as tax season rolls around millions of Americans ask themselves if they really need to file. Maybe they didn’t make quite enough to do so or fall under a special exemption. This area of tax law can be a tricky minefield, so it’s best to take your questions to Encino Tax Advisors who have the expertise and knowledge to ensure you are in full compliance with the tax code.
The Basic Exemptions
These are the general guidelines you can check to see if you are exempt from filing. Remember, the gross income amounts are for last year, the year for which you would file. The following individuals are usually exempt from filing:
• Single filing status under age 65 earning less than $12,200
• Single filing status age 65 or older earning less than $13,850
• Head of Household under age 65 earning less than $18,350
• Head of Household 65 or older earning less than $20,000
• Married filing jointly both spouses under age 65 earning less than $24,400
• Married filing jointly one spouse under age 65 earning less than $25,700
• Married filing jointly both spouses 65 or older earning less than $27,000
• Married filing separately, any age, earning less than $5
• Qualifying widow(er) under age 65 with dependent children earning less than $24,400
• Qualifying widow(er) 65 or older with dependent children earning less than $25,700
There is also a minimum self-employment income requirement that can affect these exemptions. Talk to Encino Tax Consultants to learn if this affects your situation.
The Reasons To File
If you have unemployment income, self-employment income, tip income, or distributions from an IRA or HSA, you need to file. Also, the only way to get your refund is to file. Consult Los Angles Tax Preparation services to get started.
