How Much Money Can You Make Not To File Taxes. Not everyone is required to file an income tax return each year. If your only income is unearned you may not be required to file at all.
Be aware that if you are under age 16 and have never filed a tax return you cannot yet e-file. Even if you dont have to file a federal income tax return you should file if you can get money back for example you had federal income tax withheld from your pay or you qualify for a refundable tax credit. For tax year 2020 this is the greater of 1100 or the amount of earned income plus 350.
Half of it is taxable if your income is between 25000 and 34000.
The general rule of thumb is if your income is under 600 for the year you do not need to report the income. You would owe no tax and would not be required to file a return if youre single and earned 12400 in 2020 because the 12400 deduction would reduce your taxable income to 0. For tax years prior to 2018 the threshold is is when the minor works and earns more than the standard personal. See Who Should File.
