If you are a U.S. citizen or resident alien, you are required to file taxes if your income meets certain thresholds. The specific threshold depends on your filing status, age, and type of income. It is important to note that even if you are not required to file taxes, you may still want to do so in order to claim certain tax credits and deductions.
For tax year 2020, the filing thresholds for single taxpayers under the age of 65 are:
- $12,400 for individuals who do not qualify for any adjustments to income (such as deductions or credits)
- $9,100 for individuals who claim "head of household" status
- $18,800 for married couples filing jointly
- $5 for individuals who are claimed as a dependent on someone else's tax return
If you are over the age of 65 or blind, the filing thresholds may be higher.
Keep in mind that these thresholds are subject to change each year, so it is important to check with the IRS for the most up-to-date information.
Additionally, if you earned income from self-employment, you will generally need to file taxes if your net earnings were $400 or more.
If you are unsure whether or not you are required to file taxes, you can use the IRS's Interactive Tax Assistant tool on their website to help determine your filing status.
If you find that you are required to file taxes, it is important to do so by the April 15th deadline (or by the extension deadline if you request an extension). Failure to file taxes can result in penalties and interest.
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