It's helpful to know when to start paying taxes, whether you're starting a business, working a side hustle, or simply have inconsistent income. How much do you have to earn in a year to I have to file taxes? What is the income threshold to pay taxes?
Generally, it is safe to assume that any income you receive will be subject to taxes. Don't take our word for it: old Benny Franklin said so. Benjamin Franklin is the author of many well-known pieces of wisdom that we still use today, such as “time is money” and “a penny saved is a penny earned.” But perhaps one of his best-known phrases also invokes the most fearsome: “nothing is certain, except death and taxes.”
With this in mind, there are income thresholds for taxes and they differ depending on your filing status. Here's what they are and how they affect you.
Related: What happens if you didn't file taxes last year? Everything You Need to Know About Filing Back Taxes
Do I have to file taxes? Minimum income thresholds by marital status
This threshold is different for different taxpayers. It depends on a few factors, including age (over or under 65), marital status, dependency status, and self-employment status.
When it comes to your age, use your age at the end of the previous year. For example, if you turned 65 on December 31, 2023, your filing age would be 65. However, if you turned 65 on or after January 1, 2024, your filing age would still be 64.
Single filers
For those with single status, there are two thresholds. If you are under 65, you must file taxes if you made $12,950 or older in 2023. Filers age 65 or older must file taxes if they made $14,700 or more.
Married: joint filers
Whether potential taxpayers who are married and filing jointly need to file taxes depends, of course, on the age of both parties. The minimum threshold is approximately double that of a single filer.
When both spouses are under 65 years of age, you must carry out $25,900 together to file taxes. If one of you is 65 years old but the other is younger, the minimum threshold is $27,300. And if you are both over 65, file taxes if you did $27,800 or more in 2023.
Surviving spouse filers
If you are a surviving spouse and file a return for the year your partner died, you can still file a joint return. Your minimum thresholds are the same as if you file as married jointly: at least $25,900 if you are under 65 years of age and at least $27,300 if you are 65 years old or older.
Married: Separate filers
Regardless of the filer's age, those who are married but filing separately have a very low minimum gross income of $5. Suffice it to say that if you are married, filing separately, and have any type of income, you should file taxes.
Head of household
For those who declare themselves as head of household and under 65 years of age, they must present at least $19,400 you are expected to pay taxes. If you are over 65 and head of household, you do not need to apply unless you earn at least $21,150.
Related: What are itemized deductions? How do they work?
How much do you need to earn to file taxes if you are self-employed?
Owning your own business can drastically change the way you file your taxes. For one thing, you're more likely to file quarterly than annually. For those who are self-employed, you will need to file your taxes quarterly if you earned more than $400 in net income.
Minimum income thresholds for dependent filers
Just because someone is claimed as a dependent doesn't necessarily mean they don't have to file taxes. This will depend on your gross income, which includes both earned and unearned income (i.e. passive income).
Parents or guardians are expected to apply on behalf of dependents who are unable to apply themselves.
Related: What is the Earned Income Tax Credit in 2023 and 2024? Who is eligible?
How much do you have to earn to file taxes: a quick guide
The minimum income thresholds for taxpayers are pretty simple – here's a quick reference guide in case you need to refer back!
| Civil status | Minimum threshold (less than 65 years) | Minimum threshold (65 years or older) |
|---|---|---|
|
Single |
$12,950 |
$14,700 |
|
Head of household |
$19,400 |
$21,150 |
|
Married, filing jointly |
$25,900 ($27,300 if one of the partners is 65 or older) |
$28,700 |
|
Married, filing separately |
$5 |
$5 |
|
surviving wife |
$25,900 ($27,300 if one of the partners is 65 or older) |
$28,700 |
|
self employed |
$400/quarter |
$400/quarter |
Related: What is the standard deduction for 2023 and 2024? Has increased?
