Q:

How much money do you have to make to file taxes?

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Quick Answer

For the tax year 2014, taxpayers under the age of 65 who are single must file a tax return if they make more than $10,150; this figure is the total of the 2014 standard deduction plus one exemption, according to Turbo Tax. In general, if the total income for the year does not go over the standard deduction for that tax year plus one exemption and the taxpayer is not the dependent of another, then filing a tax return is not mandated under the Internal Revenue Code; however, the income threshold required also depends on age, filing status and income type.

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Full Answer

A dependent on someone's taxes who made over $6,200 during the tax year of 2014 will need to file a tax return, regardless of whether the dependent is an adult or a child. If the income is derived from unearned sources, such as from interest or dividends, then the threshold for filing decreases to $1,000, according to Turbo Tax.

Turbo Tax notes that although a taxpayer may not always be required to file a return, if the taxpayer had federal income tax withheld from his pay, he may be due a refund. For example, single taxpayers who earned $2,500 during the tax year of 2014 paid in $300 in federal tax, all of which is refundable in that particular income bracket. Filing a return is the only way to get a refund.

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