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Christopher Phelps
Christopher Phelps, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2710
Experience:  CPA, CFP, PFS, Tax Practitioner 21 Years, Member AICPA/CSCPA Tax/Financial Planning Committee Member
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Whats the minimum annual salary requirement for tax filing

Customer Question

I had earned only $5115.00 last year. Am i required to file income tax?
Submitted: 10 years ago.
Category: Tax
Expert:  Christopher Phelps replied 10 years ago.
An individual is required to file a return if their gross income exceeds the sum of their personal exemption and standard deduction for their filing status. For a person who files as a single that amount is $8,200 for 2005 (i.e. $5,000 standard deduction plus $3,200 personal exemption).

If you may be claimed as a dependent by somebody else, then you are required to file if your income exceeds your available standard deduction which for 2005 is the greater of $800 or your earned income plus $250 (i.e. up to a maximum of $5,250).


If you have no taxable income you do not need to file. If your taxable income is below the indicated amounts above and you had income tax withheld, you should consider filing in order to receive a refund of your withheld income tax.


I recommend you consider filing a return if you had federal or state income tax withheld.


Because it is impossible for me to identify and consider ALL the relevant facts, this advice is not intended or written to be used for the purpose of avoiding penalties, and cannot be used for that purpose.

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