Federal Tax Filing Requirement Thresholds are used to determine if you file your taxes or not. Filing threshold is based on Gross Income and filing status.
How Do Tax Filing Thresholds Work?
Federal Tax Filing Requirement Thresholds use Gross Income and filing status (e.g., single, married filing jointly, head of household) to determine if an individual has to file taxes or not. Even if you don’t have to file, you can choose to do so anyway.
How Do Filing Thresholds Work with ObamaCare?
Tax Filing Thresholds are used when determining the Individual Shared Responsibility Payment. You don’t owe the fee on amounts below the filing threshold. This is true even if you choose to file. They are also used in other instances when determining what taxes you pay.
What is the 2014 Tax Filing Threshold?
2014 Federal Tax Filing Requirement Thresholds
|Filing Status||Age||Must File a Return If Gross Income Exceeds|
|65 or older||$11,700|
|Head of Household||Under 65||$13,050|
|65 or older||$14,600|
|Married Filing Jointly||Under 65 (both spouses)||$20,300|
|65 or older (one spouse)||$21,500|
|65 or older (both spouses)||$22,700|
|Married Filing Separately||Any age||$3,950|
|Qualifying Widow(er) with Dependent Children||Under 65||$16,350|
|65 or older||$17,550|
If you are calculating the Shared Responsibility Payment, see our guide to the payment.