The IRS (Internal Revenue Service) keeps informing of the American taxpayers who should file a 2023 tax return in 2024. Getting money from a tax refund is the reason why many taxpayers are happy to file.
It is more than likely that if you work in the United States you must file a tax return, claims the IRS. Whether you are a permanent or U.S. resident, most workers must file.
However, the IRS has set an amount so that you know you must file a return in 2024 if you exceed it. All those taxpayers who make more than this certain amount must file.
CAN I FILE A TAX RETURN IF I MAKE LESS THAN A CERTAIN AMOUNT?
The IRS recommends filing even if your earnings are low because of three different reasons. Obviously, the reason why low earners may want to file is to get money in their tax refund. Let’s explain the 3 possible situations.
The first reason why the IRS suggests filing is the fact that you may have had income tax withheld at the Federal level. So, if they have withheld income tax from your pay, file even if your earnings are too low.
Some taxpayers had to make estimated tax payments. Therefore, they should also file even if their income is not over the limit. The last thing to take into account has to do with tax credits.
If you qualify for a tax credit, you’d better file your 2023 tax return. Take for example the Child Tax Credit or the Earned Income Tax Credit. Now, let’s move on to those who must file a tax return.
THE IRS SAY THESE TAXPAYERS MUST FILE A TAX RETURN IN 2024
There are several things that can force you to file a tax return. For example, do not forget to check your gross income, your age, your filing status, and if you are a dependent or not states the IRS.
In general, if you are 65 years old or older and single, you must file a 2023 return if your gross income was $15,700 at least said the IRS. The amount will be smaller for those who are under 65 years of age and single.
Under-65-year-olds must file if they have a gross income of more than $13,850. Heads of household also have their minimum required amounts to file a tax return in 2024. If you are head of household and you are younger than 65, it is $20,800. Those in the same situation but older than 65 or 65 have it on $22,650.
Married couples filing jointly must file if their gross income is at least $27,700 (under 65), $29,200 (65 or older one spouse), or $30,700 (+65 both spouses). Visit https://www.irs.gov/publications/p501#en_US_2023_publink1000220702 for a full detailed chart.