Generally, if your income is below the standard deduction for your filing status, you may not be required to file a federal tax return.
For 2024, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly. However, there are exceptions based on factors such as age, type of income, and whether you can be claimed as a dependent by someone else.
Even if you’re not required to file, you might want to do so to claim a refund. For example, if federal taxes were withheld from your paycheck or you qualify for refundable tax credits like the Earned Income Tax Credit (EITC), you could receive money back from the IRS.
Always check with a tax professional or use tax filing software to determine your filing requirements and refund eligibility.
