Gross Income: When To File Taxes

Filed under: Uncategorized - 09 Jan 2010  | Spread the word !

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If you are wondering what your gross income must be in order to file taxes, keep reading for the answer to your question.. Your gross income is a combination of all the money, goods, and services your receive with the exclusion of social security benefits. The kicker is determining the minimum gross income you can make before having to file taxes.

If you have worked during the year, are age 65 or younger and filing single, the minimum amount of gross income is $8,950. If you are age 65 or older and your civil status is single, the minimum gross income requirement is $10,300. If you are married, plan to file a joint return, and both your and your spouse 65 years old or younger, the maximum is $17,900. The amount shoots up to $20,000 if your are married, filing jointly and under 65. If just one of the spouses is 65 or older, the minimum gross income is set at $18,950.

If you are married and filing separately, the minimum is $3,500 no matter what your age is. Filing head of household and below the age of 65? The minimum gross income is $11,500, however, if you are 65 or older, the amount increases to $12,850. Widowers under 65 with a dependent child are required to file if the amount is more than $14,400 and $15,450 if you are old than 65. Knowing the rules will help you to better manage your finances. Re-read this information and make right choices when filing taxes.

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