If you are a U.S. citizen or resident, you are required to file a federal tax return depending on income level, marital status, age and dependency. Please keep in mind that the filing requirement applies even if you do not have to pay tax at all. Failure to file on time may result in fines and even criminal prosecution.
The individual tax year for filing the return is a calendar year (from 1.1 to 31.12).
Criteria for filing a tax return in 2023:
Single:
under $ 65 – if your income was at least $ 13,850.
Over 65- if your income was at least $ 15,700.
Head of household:
Under 65- if your income was at least $20,800 .
Over 65- if your income was at least $ 22,650.
Married filing jointly:
Under 65- if your income was at least $ 27,700.
Over 65 (one spouse) – if your income was at least $ 29,200.
Over 65 (both spouses) – if your income was at least $ 30,700.
Married filing separately:
Any age – if your income was at least $ 5.
Widow / Widower:
Under 65- if your income was at least $ 27,700.
Over 65- if your income was at least $ 29,200.
* If your income for 2023 tax year was at least $ 4,700, you generally cannot be considered dependent unless you are an “eligible child”.
Also, there are other situations where you will be required to submit a return,
If at least 1 of the following 7 conditions applies:
A. You have a special tax liability. Such as AMT, additional tax for retirement or health insurance plan, Social Security and Medicare tax for unreported tips to the employer, household employment taxes, recapture taxes.
B. You have received distributions from health savings plans or medical policies.
C. You had net income of at least $ 400 as a self-employed.
D. You had a wage income of at least $ 108.28 from a church that exempt from Social Security and Medicare tax.
E. Premium tax credit down payment receipts received for you, your spouse, or your dependents covered by the health insurance market.
F. Advance receipts for medical coverage tax credits received for you, your spouse, or your dependents.
G. You are required to include amounts of income under section 965 (these are U.S. shareholders who are required to pay a transitional tax for incarcerated foreign earnings of certain foreign companies that are in their possession).
Gross income – This is all your income you receive, for example in the form of cash, goods, assets, and services that are not tax-free, and include income from non-U.S. Sources or income from the sale of a principal residence (even if it is partially or wholly excluded). Income also includes capital gains and business income. Losses are not included in income and should not be offset by income for the purpose of examining the filing requirement of the return.
If you are married and living with your spouse in the United States where the Community property state laws apply, half of the income defined by the law of that state as a joint property will be considered your part of that income.
