January 19, 2024 -In 2024, the need to file taxes is primarily determined by your income, filing status, and age. This guide will help you understand the tax filing requirements for 2024.

Income Thresholds for Tax Filing

The Internal Revenue Service (IRS) has established minimum income thresholds that dictate whether you must file a tax return. Here are the breakdowns for 2024:

• Single filing status:

  • $13,850 if under 65

  • $15,700 if 65 or older

• Married filing jointly:

  • $27,700 if both spouses are under 65

  • $29,200 if one spouse is under 65 and one is 65 or older

  • $30,700 if both spouses are 65 or older

• Married filing separately: $5 for all ages

• Head of household:

  • $20,800 if under 65

  • $22,650 if 65 or older

• Qualifying widow(er) with dependent child:

  • $27,700 if under 65

  • $29,200 if 65 or older

Special Situations

Individuals with “special situations” may need to file a tax return regardless of income. Some of these situations include:

1. You owe any special taxes, such as:

   • Alternative minimum tax, which is generally for very high-income taxpayers.

   • Additional tax on a qualified plan, including an individual retirement account (IRA), or another tax-favored account.

   • Social Security or Medicare tax on tips you didn’t report to your employer, or on wages you received from an employer who didn’t withhold these taxes.

   • Uncollected Social Security, Medicare or railroad retirement tax on tips you reported to your employer; or on group-term life insurance and additional taxes on health savings accounts.

   • Household employment taxes.

2. You have net earnings of at least $400 from self-employment.

Why You Might Want to File Even If You Don’t Have To

Even if you’re not required to file a return, you might want to. That way, you can claim tax credits and overpayments that could result in money being returned to you.

Understanding the tax filing requirements for 2024 is crucial to stay within the law and potentially benefit from tax credits and overpayments. Always consult with a tax professional if you’re unsure about your tax filing obligations.

Disclaimer: This article is for informational purposes only. Consult your local tax advisor for advice suited to your personal circumstances.