how much interest income for a single individual can have before it is taxed.

A) The amount of interest income a single individual can have before it is taxed depends on several factors, including the individual’s tax filing status, their total taxable income, and the type of interest income earned.

For tax year 2022, if you’re a single filer, under 65 years of age and your total taxable income is less than $12,950, you generally won’t owe federal income tax on interest income. However, if your taxable income exceeds this amount, your interest income will be subject to federal income tax at your ordinary income tax rate.

If you’re 65 or older, the threshold for tax-free interest income is slightly higher. For tax year 2022, a single filer who is 65 or older and has a total taxable income of less than $15,000 generally won’t owe federal income tax on interest income.

It’s worth noting that certain types of interest income, such as interest on municipal bonds or savings bonds used for education expenses, may be exempt from federal income tax even if your income exceeds the above thresholds. Additionally, state and local tax laws may also affect the taxation of interest income. It’s best to consult with a tax professional or refer to the IRS website for more information on the specific rules and regulations that apply to your situation.