Tax season is in full swing, and millions of Americans are required to file their income tax statements. Filing taxes is a federal requirement for anyone earning above a certain income threshold.
While many people may owe taxes, others can expect to receive a tax refund this month, depending on how much they overpaid or how much they owe to the government.
File Taxes
If you are filing taxes for the first time, the process can seem overwhelming. Generally, employees with a single income source find it easier to file, while self-employed individuals and those with multiple income streams, such as investments, may face a more complex process.
The Internal Revenue Service (IRS) requires tax filing if your income meets the following criteria:
| Filing Status | Age | Minimum Income Required to File |
|---|---|---|
| Single | Under 65 | $14,600 |
| Single | 65 or older | $16,550 |
| Married filing jointly | Both under 65 | $29,200 |
| Married filing jointly | Both 65 or older | $30,750 |
There are additional requirements for married couples where one spouse is over 65, as well as for heads of households, survivors, and married couples filing separately.
Even if you do not meet these income limits, you should still file if you want to receive a tax credit, as the IRS requires verification of your annual income to determine eligibility for rebates.
When to Expect
Many taxpayers look forward to their tax refunds, which can include credits like the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). These credits are designed to provide financial relief to low-income families with children.
If you have already filed a claim for EITC or ACTC, you should have received your refund on March 3—but only if:
- You filed electronically instead of mailing a paper return
- You chose direct deposit for your refund
- The IRS did not flag any problems or inconsistencies in your tax return
If you haven’t received your refund yet, you can check the status of your refund on the IRS website.
How to File Taxes
If you are unsure how to file your taxes, the IRS website offers free tools to help determine whether you need to file and how to do so.
If you need more time, you can request a filing extension. Additionally, if you earn less than $67,000 per year, the IRS provides certified volunteer assistance for tax filing. This support is also available if you are:
- Disabled
- Over 60 years old
- In need of language support
For more information on filing your taxes correctly and maximizing your refund, visit the IRS official website or consult a tax professional.
FAQs
Who needs to file taxes in 2024?
Anyone earning over $14,600 as a single filer or $29,200 as a married couple must file.
When will I receive my tax refund?
If you claimed the Earned Income Tax Credit, you should have received your refund on March 3.
What if I need more time to file my taxes?
You can request a tax filing extension through the IRS.
Who qualifies for free tax filing help?
Those earning less than $67,000, as well as seniors, disabled individuals, and non-English speakers.
How can I check my tax refund status?
Use the ‘Where’s My Refund’ tool on the IRS website to track your payment.
