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How Much Do You Have To Make To File Taxes - YouTube
Channel: The College Investor
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not everybody is required to file a tax
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return it really depends on your age
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filing status the type and the amount of
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income that you have so how much do you
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have to make in order to file your taxes
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uncovering the answer to that question
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in this video hey guys welcome back to
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the college investor investing and
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personal finance for Millennials today
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we are partnering with turbo tax on this
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video be sure to check out our complete
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tax software review of turbo tax and we
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wanted to cover the question how much do
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you actually need to make in order to
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file your taxes it really does depend on
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a variety of factors so let's hop into
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that first you need to know the standard
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deduction if your income within the past
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year was less than the standard
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deduction you typically don't need to
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file a tax return now a standard
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deduction for somebody filing single is
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twelve thousand two hundred dollars head
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of household is 18350 married filing
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separately is also twelve thousand two
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hundred dollars and married filing
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jointly is 24 thousand four hundred
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dollars so for someone who is making
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less an income than the standard
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deduction then your taxable income would
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be zero so therefore you would not have
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to file a tax return because you don't
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owe any taxes next you'll also need to
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know what the income filing thresholds
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are so for the lowest tax bracket in
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2019 here's what that looks like at ten
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percent
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singles and married filing separately is
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up to ninety seven hundred dollars
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married filing jointly is up to 19
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thousand four hundred and heads of
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household is just under fourteen
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thousand dollars so to understand how
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tax brackets work with the standard
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deduction let's say a 27 year old person
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earned $8,500 and income in the last
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year that means their total taxable
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income is less than zero which means
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they don't have any
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income that can actually be taxed next
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ask yourself if you are independent now
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parents can claim their children as
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dependents up until the age of 19 if
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they continue their education parents
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can claim children as a dependent up to
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the age of 24 now if you are a single
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dependent under the age of 65 then your
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tax filing situation will depend on
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three different things earned income
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unearned income and gross income and
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those numbers are 1052 and unearned
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income twelve thousand one dollars in
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earned income and your gross income was
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either larger of one thousand fifty or
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earned income up to eleven thousand six
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hundred fifty plus three fifty you'll
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also want to check on Social Security
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benefits this really only applies to
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seniors so if you are receiving Social
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Security benefits that's not included as
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taxable income so therefore it's not
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taxed now this situation does change if
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you're married to somebody who's 65
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years and older in that case if you have
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a combined income of more than $27,000
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then you must file a tax return there
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are certain situations which would
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require you to file a tax return and
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that is if you are self-employed
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and you earned $400 or more through your
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self-employed business if you paid on a
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1099 miscellaneous form or if you bought
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health insurance from a state or federal
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marketplace in any of those situations
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then you're most likely going to need to
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file as tax return now if you're still
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unsure if you should file a tax return
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it's best to talk to a tax professional
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you could avoid potential filing
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mistakes and penalties even if you have
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fallen under a situation in which you
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don't have to file a tax return you may
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still want to file it because if you
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have let's say a part-time job where you
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earned some money and you were paying
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taxes on that job you could potentially
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get that money back in your tax return
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the best thing to do is file your taxes
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using a really good text software like
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tax you could end up filing for free so
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be sure to check them out in our
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complete video walkthrough of turbo tax
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tax software on the college investor
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comm
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you
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