Are you required to file a tax return?

On my post last week, I alluded to the “No Filing Requirement” exemption from being required to have health insurance. I would like to clarify this exemption a little more here.

There are certain thresholds that if your income falls below, you are not required to file an income tax return or have health health insurance. If this applies to you, then you do not need to file any special form or health insurance exemption. Your tax software should automatically recognize this factor for you. Most people though, have very little idea on what their filing threshold is. This is not surprising considering that it changes every year due to inflation.

Even if you are not required to file an income tax form, in a lot of situations it is to your benefit to fill one out. Such as if you qualify for the Earned Income Credit or if you are due a refund of your taxes.

The following amounts are the current filing requirement income thresholds for 2013:

Married filing Separately – $3,800

Single and under 65 years old – $9,750

Single and 65 years old or over – $11,200

Head of Household and under 65 years old – $12,500

Head of Household and 65 years old or over – $13,950

Qualified Widow or Widower and under 65 years old – $15,700

Qualified Widow or Widower and 65 years old or over – $16,850

Married filing Jointly and both are under 65 years old – $19,500

Married filing Jointly and one is 65 years old or over – $20,650

Married filing Jointly and both are over 65 years old – $21,800

If you are claimed as a dependent on someone else’s return you still may be required to file a tax return. It depends on your age, income, and marital status. The following are the minimum requirements: 

Single and under 65 years old and not blind – $5,800 earned income or $950 unearned income

Single and 65 years old OR blind – $7,250 earned income or $2,400 unearned income

Single, 65 years old  AND blind – $8,700 earned income or $3,850 unearned income

Married filing jointly and under 65 years old and not blind – $5,800 earned income or $950 unearned income

Married filing jointly and 65 years old OR blind – $6,950 earned income or $2,100 unearned income

Married filing jointly and 65 years old AND blind – $8,100 earned income or $3,250 unearned income

Special Cases that require you to file a tax return:

You owe Alternative Income Tax

You owe Household Employee Taxes

You owe taxes on a Retirement Plan or Health Savings Account

You must repay the 2008 Homebuyer credit

You owe Social Security or Medicare taxes on unreported tip income

You had a net self-employment income of $400 or more

You earned $108.28 or more from a tax-exempt church as a pastor

You received distributions from an MSA or Health Savings Account

If you have any questions about any of these, feel free to contact me at www.TashaPreisner.com