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Tax law

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Tax law

Guest asked 49 years ago

Who should file income taxes?

1 Answers
Heather Iocarino answered 7 months ago

There are a number of factors that determine whether you need to file a tax return — including your annual income, your age, your marital status, and whether or not you have dependents. It is important to make sure that you are exempt from filing so you don’t mistakenly neglect to submit a tax return to the IRS.

In most cases, you will need to file a return if any of the following are true:

    Your gross income was over $10,000 as a single filer (or over $20,000 as a married couple filing jointly)
    You earned over $400 from self-employment
    You sold your home during the tax year
    You owe taxes because of your retirement account, either from distributions or excess contributions
    You owe Social Security and Medicare taxes on tips that were not reported to your employer, or on wages that your employer did not withhold these taxes from

IRS has an online tool that can help you determine if you need to file: https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

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