Do I HAVE To Do Taxes For Year 2020?

When it comes to doing taxes, let me tell you it can be QUITE stressful. Especially with how hectic 2020 was. Now, a question that we have received was 'how much would I have needed to make, that IRS would require me to do taxes for 2020?' In the 2020 tax season, they have raised the bar quite a bit. When it comes to being REQUIRED to file your taxes, it depends on two factors; If your over or under 65 years old and what status you file under.

Married Filing Separately- It's kind of humorous. But when it comes to this status, regardless of your age, should either one of you make more than $5 for the ENTIRE fiscal year then you are REQUIRED to file your taxes.

Under 65 years old:

Single- More than $12,400

Married Filing Jointly-

If BOTH of you are working, then more than $24,800

If only one spouse works and makes more than $26,100

Head of Household- More than $18,650

Qualifying Widow- More than $24,800

Over 65 years:

Single- More than $14,050

Married Filing Jointly-

If BOTH of you are working, then more than $27,400

If only one spouse works and makes more than $27,400