Single, under the age of 65 and not older or blind, you must file your taxes if: Unearned income was more than $1,050. Earned income was more than $12,000. Gross income was more than the larger of $1,050 or on earned income up to $11,650 plus $350.

Answer: The tax system that would benefit me the most would be the flat rate, because I would pay out the least in taxes under that rate. If I made a lot of money then the regressive tax plan would suit me best.

A regressive tax system is where the lower class of people pay a bigger portion of income tax than higher class. A progressive tax system is when your income increases, so does your taxes. A flat-tax systems is where the same tax rate is applied to everyone.

The minimum income amount depends on your filing status and age. In 2020, for example, the minimum for single filing status if under age 65 is $12,400. If your income is below that threshold, you generally do not need to file a federal tax return.

Usually, if you earn less than $1,000, you probably are not responsible for filing taxes. However, if you are an independent contractor or self-employed, you need to report this income.

If you earned below the minimum income for your filing status, you may not be required to file a Federal Tax Return. However, there are reasons why you may still want to file. See a detailed listing below. Description:If income you generate is tax free, there is no need to file a tax return, but you may still want to.

Single. Not 65 or older: The minimum income amount needed for filing taxes in 2020 should be $12,400. 65 or older: It should be over $14,050 to file a tax return. If your unearned income was more than $1,050, you must file a return.

Just because you made ​less than $25,000​ doesn’t mean you are exempt from filing taxes. Depending on your filing status, dependent status and other factors, filing a return with the IRS could be required. You can use IRS Form 1040 to file your income tax and claim any deductions that may be available to you.