Income Tax Return: It is not a compulsory for everyone is required to File an Income Tax Return each year. Normally, if your total income for the year doesn’t exceed the standard deduction plus one exemption and you aren’t a dependent to another taxpayer, then you don’t need to file a federal tax return.
Minimum Income to File Taxes in 2017?
Single: under 65 $10,400
65 or older $11,950
Married filing jointly under 65 (both spouses) $20,800
65 or older (one spouse) $22,050
Is it Mandatory to File Income Tax Return?
Mandatory Filing – In any of the following situations (as per the Income Tax Act) it is mandatory for you to file an Income Tax Return in India: Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 in the FY 2016-17.
Do you have to File Taxes if you don t have Income?
Even if you earned income last year, if it falls below the IRS minimum you don’t have to file a tax return. The minimum varies according to your age and filing statuswhether you are single, head of household, filing jointly with your spouse or you can be claimed as a dependent on someone else’s taxes.
IRS Minimum Income to File Taxes 2018
When determining whether you need to file a return, you don’t include tax-exempt income. In 2017 for example, if you are under age 65 and single, you must file a tax return if you earn $10,400 or more, which is the sum of the 2017 standard deduction for a single taxpayer plus one exemption.
Do i Need to File Taxes if No Income
Even if you earned income last year, if it falls below the IRS minimum you don’t have to file a tax return. The minimum varies according to your age and filing statuswhether you are single, head of household, filing jointly with your spouse or you can be claimed as a dependent on someone else’s taxes.
When do you File a Tax Return
So if, for example, you file a paper return for 2017/18 after 31 October 2018, you cannot avoid a late filing penalty by filing the return online before 31 January 2019. If HMRC ask you to submit a tax return before 31 July, you must submit the return on or before 31 October (paper) or on or before 31 January (online);