Understanding Tax Filing Requirements Based on Your Income
Friday, 22 March 2024, 16:00
Who doesn't have to file this year?
People below certain income thresholds may be exempt from filing taxes without penalty.
For Individuals under 65 last year:
- Single tax-filers: $13,850
- Head of household: $20,800
- Married couples filing jointly (both under 65): $27,700
- Married persons filing separately: $5
For Individuals 65 or older last year:
- Single tax-filers: $15,700
- Head of household: $22,650
- Married couples filing jointly (one member 65 or older): $29,200
- Married couples filing jointly (both 65 or older): $30,700
Although you may not be obligated to file taxes, doing so could put money in your pocket if you're eligible for a refundable tax credit.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.