Requirements to file 1040es on oil royalties for 2020

Posted earlier on estimated taxes for 2020 but not sure how to word it. We only receive social security and royalties. Our revenue checks are substantially smaller each month. It looks like 2020 will even be less. Is there a tax bracket you need to be in to pay future estimated taxes or can we pay next year when we file. Thank you for your help

The minimum income amount depends on your filing status and age. In 2019, for example, the minimum for single filing status if under age 65 is $12,200. If your income is below that threshold, you generally do not need to file a federal tax return. Review the full list below for other filing statuses and ages.

How much do you have to make to file taxes

    • Single filing status:
      • $12,200 if under age 65
      • $13,850 if age 65 or older
    • Married filing jointly:
      • $24,400 if both spouses under age 65
      • $25,700 if one spouse under age 65 and one age 65 or older
      • $27,000 if both spouses age 65 or older You only need to pay estimated tax if you expect to owe at the end of the year. You probably won’t even need to file a federal return unless you had taxes withheld and then you would need to file to get your refund. Don’t forget you are being taxed as a non-resident by the state of Oklahoma and you will have to file both state and federal returns to get a refund from Oklahoma. At your Income level you will most likely have a state tax refund coming.
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