If you are a U.S. citizen or resident alien, you are required to file a tax return if your income exceeds a certain threshold. For the tax year 2020, the threshold for single filers under the age of 65 is $12,400. If you are over the age of 65 or blind, the threshold is higher.
If you are self-employed and have earned more than $400 in net self-employment income, you must file a tax return.
To determine what forms you need to file, you will need to understand your income sources. If you are an employee, your employer will send you a W-2 form that reports your income, taxes withheld, and other required information. If you have income from other sources, such as interest on a bank account, dividends from stocks or mutual funds, or rental income, you may need to file additional forms such as a 1099-INT, 1099-DIV, or 1099-MISC.
If you are self-employed, you will need to file a Schedule C to report your business income and expenses, and you may also need to file additional forms such as a Schedule SE to calculate your self-employment tax.
It is important to note that these are general guidelines, and there may be exceptions or limitations based on individual circumstances. For example, if you are a dependent of another taxpayer, your filing requirements may be different. It is always a good idea to consult with a tax professional or the IRS to determine your specific filing requirements.
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