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What is the minimum annual income I need to make to start paying taxes ?

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What is the minimum annual income I need to make to start paying taxes ?

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  • #26819
    Anonymous
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    What is the minimum annual income I need to make to start paying taxes ?

    • This topic was modified 5 months, 2 weeks ago by .
    #27030
    Bonnie
    Moderator
    • Replies 11

    The simple answer is if you earn less than your standard deduction, then you would be liable to any taxes.
    In 2020, The standard deduction for individuals is $12,400 and $24,800 for married couples. This is before additional tax credits such as child tax credit which is another $2000 per child over your standard deduction.

    #27473
    Anonymous
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    (Awaiting moderation)

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