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
Head of Household- More than $20,300
Qualifying Widow- More than $26,100
So, even though tax season is around the corner and may seem like wrestling a bear, we are here to help and elevate the pressure.
****Disclaimer: All information is found in www.irs.gov*****
Want to make an appointment with JB-Taxes?
Phone: 480.834.3086
Email: company@jb-taxes.com
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