Another tax season is coming closer as the next year approaches. Internal Revenue Service (IRS) expects more than 150 million tax returns for 2019 taxes that will be paid in 2020. Just like any other year, for the 2020 tax filing year, you will report your income and deductions you want to claim.
However, just because you’ve received income in 2019 doesn’t necessarily mean that you have to file an income tax return. To find out if you have to file taxes in 2020, you can check out the chart below and see where you fall in. If you have a total gross income lower than the amounts stated below depending on your filing status, you are not subjected to file a tax return.
|Age||Filing Status||Gross Income|
|65 and older||Single||$13,600|
|Under 65 (both spouses)||Married Filing Jointly||$24,000|
|65 and older (one spouse)||Married Filing Jointly||$25,300|
|65 or older (both spouses)||Married Filing Jointly||$26,600|
|Any Age||Married Filing Separately||$5|
|Under 65||Head of Household||$18,000|
|65 or older||Head of Household||$19,600|
|Under 65||Qualifying Widow||$24,000|
|65 or older||Qualifying Widow||$25,300|
If that $5 catches your eye, no it is not a mistake in our writing. The threshold for married filing separately is actually $5. It means that if you joint file but you didn’t live with your spouse at the end of 2019 and your gross income was at least $5, you will be subjected to taxes. For more tax related subjects, you can visit our front page.