Most low-income households do not pay federal income taxes, typically because they owe no tax (as their income is lower than the standard deduction) or because tax credits offset the tax they would owe.
In 2020, you don't need to file a tax return if all of the following are true for you:
- Under age 65
- Single
- Don't have any special circumstances that require you to file (like self-employment income)
- Earn less than $12,400 (which is the 2020 standard deduction for a single taxpayer)
However, if you have rental income I would advise you to file.
Self-employment taxes start if you earn $400 or more. Therefore you must file a tax return if you gross $400 or more. If you have business expenses that should be taken into account, do not expect the IRS to know that.
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Real Estate Tax and Rental Property - TurboTax Tax Tips ...
[edited 3/22/2021|1:11pst]
