Discovering whether you need to file taxes in 2024 hinges on your income level. While filing tax season is an annual custom for many, it’s not mandatory for everyone. Generally, those earning below a specific income threshold may find themselves exempt from the paperwork.
Referencing IRS Publication 501, let’s delve into the income criteria for mandatory tax filing in 2024 and the overarching guidelines governing the necessity of filing a federal tax return this year.
Minimum Income Requirements for Tax Filing in 2024
If you’re below 65, it’s likely that you’ll need to file a tax return if your gross income in 2023 reached at least $13,850 as a single filer. Should you fall into a different filing status or be over 65, the specific income thresholds determining your obligation to file taxes this year are as follows.
Now, if you and your partner file taxes together, the threshold is $27,700 if both spouses are under age 65. $29,200 if one spouse is under age 65 and one is 65 or older. For those 65 and older, $30,700 if both are over that age.
For a head of household under 65, the line is $20,800, and over 65 years old it’s $22,650. A qualifying widow(er) $27,700 under 65 and $29,200 over 65.
Dependent Income Requirements for Filing a Tax Return
If you qualify as a dependent, the regulations undergo a shift. You are obligated to submit a tax return if any of the subsequent conditions are applicable.
For dependents under the age of 65 who want to file a tax return, the numbers are as follows: If your unearned income was more than $1,250, if your earned income was more than $13,850, if your gross income was more than the larger of $1,250, or your earned income (up to $13,450), plus $400.
For dependents over the age of 65, here is the math: Your unearned income was more than $3,100, your earned income was more than $15,700