How much do you have to make to file taxes in the U.S.?
The side hustle is not a new phenomenon — but if it's new to you, how much money do you have to make before it's time to file taxes?
It's helpful to know when to start paying taxes, whether you're starting a business, working a side hustle, or just have inconsistent income. So how much do you have to make in a year to have to file taxes? What is the income threshold for taxation?
It's generally safe to assume any income you receive will be taxed. Don't take our word for it — ol' Benny Franklin said so. Benjamin Franklin is the author of many well-known nuggets of wisdom we still use today, like "time is money" and "a penny saved is a penny earned." But perhaps one of his most well-known phrases also invokes the most dread — “nothing [is] certain, except death and taxes.”
With that in mind, there are income thresholds for for taxation, and they differ based on your filing status. Here's what they are and how it affects you.
Do I have to file taxes? Minimum income thresholds by filing status
This threshold is different for different taxpayers. It depends on a few factors, including age (over or under 65 years old), marital status, dependent 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 31st, 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 years old.
Single filers
For those filing single status, there are two thresholds. If you're under the age of 65, you should file taxes if you made $12,950 or more in 2023. Filers who are 65 or older should 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, naturally, on both of their ages. The minimum threshold is about double that of a single filer.
When both spouses are under the age of 65, you'll need to make $25,900 together to file taxes. If one of you is 65 but the other is younger, the minimum threshold is $27,300. And if both of you are over 65, file taxes if you made $27,800 or more in 2023.
Surviving spouse filers
If you are a surviving spouse and you're filing for the year your partner died, you're still able to file jointly. Your minimum thresholds are the same as if you're filing married jointly: at least $25,900 if you're under 65 and at least $27,300 if you're 65 or older.
Married: Separate filers
Regardless of the filer's age, those who are married but filing separately have the very-low minimum gross income of $5. Suffice it to say that if you're married and filing separately and have any kind of income, you should file taxes.
Head of household
For those filing as the head of household and under 65, you'll need to make at least $19,400 to be expected to pay taxes. If you're over 65 and head of household, you don't need to file unless you make at least $21,150.
Related: What are itemized deductions? How do they work?
How much do you need to make to file taxes if you're self-employed?
Owning your own business can drastically change how you file your taxes. For one, you're more likely to file quarterly than annually. For those who are self-employed, you'll need to file taxes quarterly if you made more than $400 in net income.
Minimum income thresholds for dependent filers
Just because someone is being claimed as a dependent doesn't necessarily mean they shouldn't file taxes. This will depend on their gross income, which includes both earned income and unearned income (i.e., passive income).
Parents or guardians are expected to file on behalf of any dependents who can't file for themselves.
Related: What is the Earned Income Tax Credit in 2023 and 2024? Who is eligible?
How much do you have to make to file taxes: A quick guide
Minimum income thresholds for tax filers are pretty straightforward — here's a quick reference guide in case you need to check again!
| Filing status | Minimum threshold (under 65) | Minimum threshold (65 or older) |
|---|---|---|
Single | $12,950 | $14,700 |
Head of household | $19,400 | $21,150 |
Married, filing jointly | $25,900 ($27,300 if one partner is 65 or over) | $28,700 |
Married, filing seperately | $5 | $5 |
Surviving spouse | $25,900 ($27,300 if one partner is 65 or over) | $28,700 |
Self-employed | $400/quarter | $400/quarter |
Related: What is the standard deduction for 2023 and 2024? Has it increased?
What's Your Reaction?
