How much does an student have to make before filing income tax return?
June 10, 2014
Q) How much does an student have to make before filing income tax return?
A) Whether a student has to file an income tax return depends on their income, filing status, and whether they can be claimed as a dependent on someone else’s tax return.
For tax year 2023, the income thresholds for filing a tax return are as follows:
- Unmarried dependent students: Must file a return if their unearned income (such as interest and dividends) was more than $1,150 or their earned income (such as wages from a job) was more than $12,950.
- Married dependent students: Must file a return if their combined income was more than $25,900.
- Unmarried independent students: Must file a return if their earned income was more than $12,950.
- Married independent students: Must file a return if their combined income was more than $25,900.
If a student can be claimed as a dependent on someone else’s tax return, they may not have to file a tax return even if their income exceeds the above thresholds. However, it is always a good idea to check with the IRS to see if you are required to file a return.
Here are some additional things to keep in mind:
- Even if you are not required to file a tax return, you may still want to do so if you have any tax credits or deductions that can reduce your tax liability.
- If you do file a tax return, you may be eligible for a refund if you had taxes withheld from your paycheck.
- You can file your tax return online or by paper. If you file online, you can use the IRS Free File program to file your return for free.
- The deadline to file your tax return for tax year 2023 is April 18, 2024.