He Internal Revenue Service (IRS) of USA establishes that, although many people are required to present their tax returnthere are specific exceptions that depend on factors such as the income level, age and marital status. As reported cnneven those who are not required to declare could benefit from doing so, as they could access tax credits or refunds.
According to the Turbotax tax preparation tool, people whose total income is less than the standard deduction are not required to file a statementas long as they do not have income that require reporting for other reasons, such as self-employment. In 2022, the standard deduction for a single taxpayer under age 65 was $12,950. This means that those who earn less than this amount and meet other requirements do not have to declare.
Besides, cnn He explained that those who receive only Social Security benefits They are generally not required to file a tax return. However, if these benefits are combined with tax-exempt income, they could become taxable, which would change the taxpayer’s tax situation.
The taxpayers Those who are claimed as dependents on someone else’s return also have specific rules. According to the medium, they must file a return if their income exceeds the corresponding standard deduction or, in the case of minors, if their unearned income (such as interest or dividends) exceeds $1,300 in 2024. This limit will increase to $1,350 in 2025.
On the other hand, people under 65 years of age, single and without special circumstances that require them to declare, such as self-employment income, are also exempt if their income does not reach the established threshold.
He IRS recommends that people submit their tax return even if they are not required to do so. According to cnnthis is because they could qualify for certain tax credits, such as the earned income tax credit (EITC), child tax credit, education credit, or recovery rebate credit.
Furthermore, those who have had income tax withholdings on their payments or have made estimated tax payments during the year could be entitled to a refund. This includes cases where an overpayment of taxes from the previous year has been applied to the current year’s estimated taxes.
He IRS begins processing tax returns and issuing refunds shortly after the filing period opens. Although the text does not specify an exact date for 2023, it is important that taxpayers present their statement as soon as possible to expedite the process and receive any refund to which they are entitled.
Although many people are forced to file taxes in the United Statesthere are clear exceptions based on income, age, and marital status. However, even those who are not required to do so could benefit from filing, as they may be eligible for tax credits and refunds. As highlighted cnnit is essential to carefully review personal circumstances to determine whether it is necessary or appropriate to declare.
