Can someone tell me if there is a basic personal amount for individuals in the US?

Question

I moved from Canada and we had what we call a basic personal amount. Which is an amount you can deduct from your overall income. It was 8839.00.
I am wondering if they have this in the US and if so where can I find out how much it is or get some information on it.
Or if not this, is there an amount here that you can earn before you need to file taxes?

Thanks
Nadine

Answer 1

Yes, it's called the "standard deduction." and it's around $8000 US.

In the US, it doesn't matter how much or how little you earn. You must file taxes regardless of the amount of earnings. Generally, however, if you make as much or less than the standard deduction you'll get back all of the taxes the employer took out of your paycheck in the tax refund.

Answer 2

Every tax payer gets a personal exemption of $3,300. You also get one for your spouse if you file a joint return. And you get one for each qualifying dependent.

The filer also gets either a standard deduction of $5,150 if single, $7,500 if Head of Household, or $10,300 if Married Filing Jointly OR they may itemize certain deductions if they total up more than the standard deduction.

Go to the IRS website at http://www.irs.gov and get a copy of IRS Pub 17. That will get you started. You can also find free copies of that at most public libraries and post offices.