How much can a single person make and not pay taxes?
The minimum income amount to file taxes depends on your filing status and age. For 2024, the minimum income for Single filing status for filers under age 65 is $14,600 . If your income is below that threshold, you generally do not need to file a federal tax return.
| If your filing status is: | File a tax return if your gross income is: |
|---|---|
| Single | $14,600 or more |
| Head of household | $21,900 or more |
| Married filing jointly | $29,200 or more (both spouses under 65) $30,750 or more (one spouse under 65) |
| Married filing separately | $5 or more |
| IF your filing status is . . . | AND at the end of 2022 you were* . . . | THEN file a return if your gross income** was at least . . . |
|---|---|---|
| Married filing separately | any age | $5 |
| Head of household | under 65 65 or older | $20,800 $22,650 |
| Qualifying widow(er) | under 65 65 or older | $27,700 $29,200 |
Gradually making smaller gifts: Each year, taxpayers can gift up to what is called the “annual exclusion amount” (in 2025, $19,000 per donor per recipient; $38,000 for married couples) without incurring the gift tax.
R95 750 if you are younger than 65 years. If you are 65 years of age to below 75 years, the tax threshold (i.e. the amount above which income tax becomes payable) is R148 217. For taxpayers aged 75 years and older, this threshold is R165 689.
The minimum income amount to file taxes depends on your filing status and age. For 2024, the minimum income for Single filing status for filers under age 65 is $14,600 . If your income is below that threshold, you generally do not need to file a federal tax return.
You are taxed on all income regardless of source.
Unless you have gifted more than $13.99 million over your lifetime, you can almost certainly give a $50,000 down payment to your daughter or other family member and not owe gift taxes in 2025. Just be careful to do the paperwork right, otherwise, it could complicate the loan.
You can give gifts or money up to £3,000 to one person or split the £3,000 between several people. You can carry any unused annual exemption forward to the next tax year - but only for one tax year. The tax year runs from 6 April to 5 April the following year.
If you received a gift or inheritance, do not include it in your income. However, if the gift or inheritance later produces income, you will need to pay tax on that income. Example: You inherit and deposit cash that earns interest income. Include only the interest earned in your gross income, not the inherited cash.
What income is not taxable?
Inheritances, gifts, cash rebates, alimony payments (for divorce decrees finalized after 2018), child support payments, most healthcare benefits, welfare payments, and money that is reimbursed from qualifying adoptions are deemed nontaxable by the IRS.
| Tax Slab | FY 2024-25 Tax Rate (Old tax regime) | FY 2024-25 Tax Rate (New tax regime) |
|---|---|---|
| Up to Rs 2,50,000 | Nil | Nil |
| Rs 2,50,000 – Rs 5,00,000 | 5% | 5% |
| Rs 5,00,000 – Rs 10,00,000 | 20% | 10% |
| Rs 10,00,000 and beyond | 30% | 15% |
Even if you made less than $600, you'll still need to report all your income on your tax return. You must file a return if you've made at least the minimum income to file a tax return.
| Single or Married/RDP Filing Separately | Married/RDP Filing Jointly or Qualified Surviving Spouse | Rate |
|---|---|---|
| $0 – $10,756 | $0 – $21,512 | 1.00% |
| $10,756 – $25,499 | $21,512 – $50,998 | 2.00% |
| $25,499 – $40,245 | $50,998 – $80,490 | 4.00% |
| $40,245 – $55,866 | $80,490 – $111,732 | 6.00% |
You report the taxable portion of your Social Security benefits on line 6b of Form 1040 or Form 1040-SR. Your benefits may be taxable if the total of (1) one-half of your benefits, plus (2) all of your other income, including tax-exempt interest, is greater than the base amount for your filing status.
Who Does Not Have to Pay Taxes? You generally don't have to pay taxes if your income is less than the standard deduction or the total of your itemized deductions, if you have a certain number of dependents, if you work abroad and are below the required thresholds, or if you're a qualifying non-profit organization.
Unearned Income. Unearned income includes investment-type income such as taxable interest, ordinary dividends, and capital gain distributions. It also includes unemployment compensation, taxable social security benefits, pensions, annuities, cancellation of debt, and distributions of unearned income from a trust.
Your Money. (NewsNation) — If your annual income is less than $5,000, you typically don't need to file a tax return. However, there are several factors to determine if you need to file a return, including filing status, age and the type of income earned.
Even with little or no earnings, filing a tax return can still be beneficial. You may qualify for refundable tax credits to potentially receive a tax refund.
Single filing status. don't have any special circumstances that require you to file (like self-employment income) earn less than $14,600 (which is the 2024 Standard Deduction for a taxpayer filing as Single)
What is the best filing status for a single person?
Single filer status is for unmarried people who do not qualify for another filing status. Most single people who can claim qualifying widow(er) or head of household status will find it advantageous to file under that status rather than as a single filer.
Standard deduction amounts
$14,600 for single or married filing separately. $29,200 for married couples filing jointly or qualifying surviving spouse.
Bottom Line. Unless you have gifted more than $12.92 million over your lifetime, you can almost certainly give a $50,000 down payment to your daughter or other family member and not owe gift taxes in 2023. Just be careful to do the paperwork right, otherwise, it could complicate the loan.
Generally, the answer to “do I have to pay taxes on a gift?” is this: the person receiving a gift typically does not have to pay gift tax. The giver, however, will generally file a gift tax return when the gift exceeds the annual gift tax exclusion amount, which is $18,000 per recipient for 2024.
The Inheritance Tax seven-year rule
Gifts to individuals that aren't immediately tax-free will be considered as 'potentially exempt transfers'. This means that they will only be tax-free if you survive for at least seven years after making the gift.
