Status, age, income figure in IRS’ filing rules

<p class="p1"><strong>How much money do you have to earn to be required to file federal income taxes, and what kinds of interest are taxable?</strong></p><p class="p2">The general filing requirements, by status, age and gross income, according to the Internal Revenue Service’s Form 1040 instruction booklet:</p><p class="p3">Single, younger than age 65 — $10,400.</p><p class="p3">Single, 65 or older — $11,950.</p><p class="p3">Head of household, under 65 — $13,400.</p><p class="p3">Head of household, 65-plus — $14,950.</p><p class="p3">Married filing jointly, both under 65 — $20,800.</p><p class="p3">Married filing jointly, one 65-plus — $22,050.</p><p class="p3">Married filing jointly, both 65-plus — $23,300.</p><p class="p3">Married filing separately, any age — $4,050.</p><p class="p3">Qualifying widow or widower with a dependent child, under 65 — $16,750.</p><p class="p3">Qualifying widow or widower with a dependent child, 65-plus — $18,000.</p><p class="p2">The IRS’ website lists the following examples of taxable and nontaxable interest:</p><p class="p3"><strong>Taxable</strong></p><p class="p3">Interest on bank and money market accounts, corporate bonds, certificates of deposit and deposited insurance dividends.</p><p class="p3">Interest income from Treasury bills, bonds and notes; this kind is exempt from state income tax.</p><p class="p3">Interest on Savings Bonds. “You can elect to include the interest in income each year,” reads the site, “but you generally won’t include interest on Series EE and Series I U.S. Savings Bonds until the earlier of when the bonds mature or when they’re redeemed or disposed of.”</p><p class="p3">“Other interest paid to you by a business will be reported to you on Form 1099-INT if it is $600 or more. Examples include interest received with damages or delayed death benefits.”</p><p class="p3"><strong>Nontaxable</strong></p><p class="p3">“Interest redeemed from Series EE and Series I bonds issued after 1989 may be excluded from income when used to pay for qualified higher educational expenses during the year and you meet the other requirements for the Educational Savings Bond Program.”</p><p class="p3">“Interest on some bonds used to finance government operations and issued by a state, the District of Columbia, or a U.S. possession is reportable but not taxable at the federal level.”</p><p class="p3">“Interest on insurance dividends left on deposit with the U.S. Department of Veterans Affairs is nontaxable interest and not reportable.”</p><p class="p5"><strong>Online:</strong> www.irs.gov.</p><p class="p4"> </p>

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