Federal and state income taxes are due April 15. Michelle Bachtel with the H&R Block office in Knox says anyone whose income exceeds the filing threshold set by the IRS needs to file a tax return. Thresholds are based on your age and filing status, which is either single, married filing joint, married filing separate, head of household or qualifying widower.
Income requirements vary, but Bachtel offers a general guideline.
“For a single individual, if their gross income in 2014 exceeded $10,150, then they would need to file a return. Same thing with a married filing joint couple if their income exceeded $20,300 then they would need to file. Married filing separate the threshold is $6,200. Head of household is $13,050, and qualifying widower is $16,100. Each year that amount is adjusted for inflation,” she said.
Bachtel added other situations require the filing of a tax return as well, regardless of how much money you make.
“You are still required to file a tax return if you took advantage of the first time home buyer’s credit, received earnings from self-employment over $400, received any advanced premium tax credits through the marketplace for health insurance or if you took money out of an HSA or an early distribution from an IRA.”
Bachtel stresses each person’s tax filing situation is different. More information can be found online at www.IRS.gov, or you can contact a professional tax preparer for advice.