The minimum income for filing a self-employed tax return depends on various factors including your filing status, age, and the type of income you earn. As of 2022, for most self-employed individuals, you generally need to file a tax return if your net earnings from self-employment are at least $400. This includes income earned as an independent contractor, freelancer, sole proprietor, or member of a partnership.
However, even if your net earnings are below $400, you may still need to file a tax return if you meet certain other criteria. For example…
- You may need to file if you owe any special taxes, such as self-employment tax, even if your net earnings are less than $400.
- You may be required to file if you received advance premium tax credits or made advance payments of the premium tax credit for health insurance purchased through the Health Insurance Marketplace.
Other factors, such as whether you have other sources of income, eligibility for tax credits or deductions, and changes in tax laws can also affect whether you need to file a tax return.
While there are minimum income thresholds for filing federal tax returns, state tax filing requirements may vary. It’s advisable to check the specific rules for your state of residence or consult with a tax professional for personalized guidance based on your individual circumstances.
