Low-income Filing Exemption
Not everyone is required to file a tax return in April. If you earn less than the minimum filing requirement published by the IRS, you are off the hook. Here's the logic behind the minimum filing requirement:
- Every taxpayer is entitled to claim a personal exemption.
- Every taxpayer is entitled to claim the standard deduction.
- If the taxpayer's income is less than the sum of the personal exemption and standard deduction, he or she will have no taxable income.
For the 2014 tax year, you were considered exempt from filing federal income taxes if your gross income was less than the following amounts [source: IRS]:
- Single filers under 65: $10,150
- Single filers over 65: $11,700
- Married filing jointly, both under 65: $20,300
- Married filing jointly, one spouse over 65: $21,500
- Married filing jointly, both spouses over 65: $22,700
- Married filing separately, any age: $3,950
- Head of household, under 65: $13,050
- Head of household, over 65: $14,600
- Qualifying widow(er) with dependent child, under 65: $16,350
- Qualifying widow(er) with dependent child, over 65: $17,550