The 2019 tax filing threshold for single taxpayers under the age of 65 is $12,200. The required minimum income for married couples filing jointly who are both under the age of 65 is $24,400. The minimum income required to file taxes in 2019 for single taxpayers over 65 is $13,850. The minimum income required to file taxes for married couples who are both over 65 and are filing jointly is $27,000. Every year, these numbers are subject to change, making it crucial to be informed on the most recent tax regulations.
Non-residents who make money in Maine could have to pay income tax there. Any income that is sourced to Maine is considered to be of Maine origin. This includes income from an employment in Maine, rental income from property there, or revenue from a company that has its headquarters there. Non-residents who receive income with a Maine source may be obliged to file an income tax return in Maine.
The qualifying recipients’ $1400 stimulus cheque that was distributed as a part of the American Rescue Plan is not taxable. This implies that when you file your tax return, you do not need to report the stimulus check as income. However, you might need to make a repayment on your tax return if you received a stimulus check in 2020 but were not eligible for one.
The stimulus check is exempt from reporting requirements for 2021 taxes. As an advance payment of a tax credit, the stimulus check has no bearing on your tax refund or the amount you owe. However, you might be able to claim a Recovery Rebate Credit on your tax return if you did not get the entire amount of the stimulus check for which you qualified.
In conclusion, different variables, including age, filing status, and source of income, affect the minimum income required to file taxes in 2019. Non-residents who make money in Maine might also have to pay income tax there. You do not need to record the $1400 stimulus payment on your 2021 taxes because it is not taxable. To make sure you are meeting your tax requirements, it is crucial to stay current with the latest tax legislation.
The second stimulus payment is indeed regarded as taxable income. Only the portion of the cheque that exceeds your whole tax bill will be subject to tax, nevertheless. You won’t owe any additional taxes on the stimulus check if its value is less than or equal to your overall tax liability.