How much do you have to make to file taxes?
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Not everyone is required to file a tax return, but the consequences of not filing when you should are harsh, so it’s best to know what your situation requires. The IRS has specific rules that dictate who should file a return. Generally, whether or not you need to file is determined by your filing status and gross income.
Your gross income and tax filing status are the main factors that determine whether you need to file a tax return.
Jump to insightIncome requirements for tax filing depend on your filing status.
Jump to insightNot everyone has to file a return. Still, it’s advisable to file a return even if you don’t have to, in case you are eligible for a tax refund.
Jump to insightWho has to file taxes?
Most U.S. citizens and permanent residents who work in the U.S. are required to file taxes. Citizens and residents abroad are also generally required to file returns.
"Most citizens or permanent residents who work in the U.S. need to file taxes. Specifically, you’ll need to file if your gross income is more than the filing requirement and/or you have earned over $400 in net earnings from self-employment,” Hector Castaneda, a certified public accountant in Spokane Valley, Washington, said.
“Even if you make less than the earning threshold, you may want to consider filing because you may get money back. Be sure to check your specific filing requirements based on age and filing status,” he said.
What are the minimum requirements to file taxes?
Below are the minimum gross income requirements by filing status to file taxes in 2024.
Single
- Under 65: $13,850
- 65 or older: $15,700
Head of household
- Under 65: $20,800
- 65 or older: $22,650
Married filing jointly
- Under 65 (both spouses): $27,700
- 65 or older (one spouse): $29,200
- 65 or older (both spouses): $30,700
Married filing separately
- Any age: $5
Qualifying surviving spouse:
- Under 65: $27,700
- 65 or older: $29,900
Should I file taxes even if I don't have to?
If your income is below the minimum threshold, the IRS doesn’t require you to file a return. However, there are a few benefits that come with filing a return, including the following:
- Refund of withheld income taxes: If you received income during the year and income was withheld, filing a return can help you get a tax refund.
- Earned income tax credit: This tax credit for low- to moderate-income workers is refundable, meaning you can get a refund even when you don’t owe any tax. Depending on how many children you have, as a low-income earner, you might be eligible for an earned income credit of up to $7,430 in tax year 2023 (a qualifying child may include a son, daughter, adopted child, brother, sister, grandchild, niece or nephew, depending on the circumstances).
- Opportunity to claim valuable tax credits: Other valuable tax credits may be valuable to you, but you can only claim them by filing a return.
FAQ
How do I file income tax?
You can use IRS Free File to file a federal income tax return online using guided tax preparation software. It’s easy, safe and free if your adjusted gross income is $79,000 or less. If you’re not eligible for IRS Free File, you can still use Free File Fillable Forms.
How do I pay my income tax?
You can pay income taxes by credit card, debit card, digital wallet, Direct Pay with a bank account, electronic funds withdrawal or other methods. Keep in mind that not all payment types are free.
How much does it cost to file taxes?
You can file your taxes at no cost with IRS Free File if your adjusted gross income is $79,000 or less; if your income is above this limit, you can still use Free File Fillable Forms. You can pay for software or a professional to complete complex tax returns. These services range widely in cost.
Bottom line
The IRS has threshold income levels by filing status for determining who needs to file a tax return. Before you decide not to file for returns, it’s important to evaluate your situation to avoid any penalties or lost opportunities for refunds or tax credits.
Article sources
- IRS, “Check if you need to file a tax return.” Accessed Sept. 25, 2024.
- IRS, “Here’s who needs to file a tax return in 2024.” Accessed Sept. 25, 2024.
- IRS, “Earned Income Tax Credit (EITC).” Accessed Sept. 25, 2024.
- IRS, “Paying your taxes.” Accessed Sept. 25, 2024.
