Who Were the Taxpayers That Are Eligible to Tax Returns?

Although not everyone must file taxes, the majority of Americans must and most certainly will. According to the nonpartisan Washington think tank Tax Policy Center, 144.5 million of the 176.2 million people who were eligible to file a tax return in 2020 actually did so. The main factors determining whether you must submit taxes are your income, filing status, and age. However, in certain circumstances, you can be required to file a tax return regardless of your income. For instance, you must submit taxes if your self-employment net profits total at least $400.

Start by looking at your gross income, which is your entire income before taxes and adjustments, age, and filing status to see if you’re one of the millions of people who must file a return. Your filing status determines whether you are a head of household, a widower, or single or married and filing jointly or separately.

Base on the article published by USA Today on January 30, 2023, the IRS has minimum income criteria that govern whether you have to file a tax return depending on your age and filing status. The divisions are as follows:

$12,950 for single filers who are younger than 65 and $14,700 for those who are older than 65. $25,900 if both spouses are under 65, $27,300 if one spouse is under 65 and the other is 65 or older, and $28,700 if both spouses are 65 or older for married couples filing jointly.

Your tax filing obligations change if you can be included on someone else’s tax return as a dependent. Take the interactive test provided by the IRS to see if you need to file a tax return if you’re still having trouble.