Impuestos 101 Income Tax Filing Requirements Leer el artículo Abrir el cajón compartido Escrito por Elle Martinez Publicado Mar 15, 2024 - [Updated Mar 18, 2024] 3 minutos de lectura Do I have to file a tax return? Knowing the filing limits is the best place to start if you are not sure about filing a tax return. Compiled here are the basic guidelines to aid in the decision making process. Make sure to take note of age and filing status, because different amounts apply IRS Filing Requirements If you’re a U.S. citizen or resident alien and you meet filing requirements, you are required to file an income tax return. According to the IRS, you must check these income requirements to determine if you required to file: Filing Status: The five filing statuses are single, married (filing separately), married (filing jointly), head of household, and qualifying widow(er) with dependent child. Your filing status has bearing on deductions and credits you are eligible to claim. Gross Income: If you’re under 65 years young; All your income including wages, tips, capital gains, tips, gambling winnings, and more should be claimed on your taxes if in 2018 the total is at least: Single: $12,000 Married (MFS-filing separately-any age): $5 (Yes, really. This is not a typo) Married (MFJ-filing jointly): $24,000 Head of Household (HOH): $ 18,000 Qualifying widow (QW) (er): $24,000 Age: If you’re 65 or older, you can have a higher gross income before you’re required to file taxes. Single: $13,600 Married (filing jointly) one spouse 65 & older: $25,300 Married (filing jointly) both spouses 65 & older: $26,600 Head of Household: $19,600 Qualifying widow (er): $25,300 What exactly is your adjusted gross income? Your adjusted gross income is basically your entire gross income minus any allowable tax deductions called above the line deductions. Some of them include: Health Savings Account Moving Expenses Self-employed Health Insurance Alimony Paid Student Loan Interest Tuition and Fees Saver’s Credit Your adjusted gross income is not the same as your taxable income. What’s the difference between your adjusted gross income and taxable income? After your adjusted gross income has been calculated, you are then allowed to either take a standard deduction or itemized deductions. The standard deduction ($12,000- Single and MFS* or, $24,000- Married filing jointly and QW or, $18,000-Head of Household); Also, if you, your spouse or both are 65 and over or are Blind the Standard deduction is higher. Whichever deduction you are eligible for and gives you the lowest tax liability is subtracted from adjusted gross income and the result is your taxable income. Final Thoughts Even if your income is below the filing requirements you should still file a tax return if federal taxes were withheld. The taxes withheld could garner you a tax refund especially if you are eligible for a refundable credit like the Earned Income Tax Credit. Every year the IRS reports close to $1 billion in unclaimed refunds and the average unclaimed refund is about $700. Also, if you purchased health insurance from the Health Insurance Marketplace, you need to file a return to report your health insurance credit and status. Remember with TurboTax there’s no need to know tax laws or calculations. TurboTax asks simple questions and gives you the tax deductions and credits you’re eligible for based on your answers. *Married Filing Separately persons must itemize their deductions if the other spouse itemizes on their return. Siguente publicación Si me mudé, ¿cómo presento declaraciones de impuestos en varios… Escrito por Elle Martinez Elle helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second. Más de Elle Martinez Visita el sitio web de Elle Martinez. Síguenos en Facebook. Síguenos en Twitter. Los comentarios están cerrados. Buscar artículos relacionados Planificación de Impuestos ¿Qué es una cuenta HSA? Planificación de Impuestos 5 maneras de aumentar tu reembolso de impuestos del añ… Planificación de Impuestos ¿Debería enmendar mi declaración de impuestos por un… Vida Cómo solicitar una extensión: Guía paso a paso Ingreso Instrucciones para el Anexo (K-1): Cómo presentar en 1… Planificación de Impuestos ¡Aún puedes presentar tus impuestos con TurboTax! Trabajo Cómo presentar los impuestos de pequeñas empresas Vida ¿Qué es una exención personal? ¿Deberías usarla? Ingreso Edad para hacer retiros de una cuenta IRA Vida Pago de impuestos en exceso: todo lo que debes saber