What Is the Minimum Income to File Taxes for 2024-2025?

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For the 2024-2025 tax year, meaning income earned in 2024 that is reported on your tax return due on April 15, 2025, there are specific rules about who should file based on how much they make. Understanding these rules can make tax time simpler and might even save you from filling out forms you don’t need to. Keep reading to find out the minimum income you need to have to file taxes this year.

What Is the Minimum Income to File Taxes for the 2024 Tax Year?

For the 2024 tax year, the minimum income required to file taxes is $14,600 for single filers under age 65 and $29,200 for married couples filing jointly if both are under 65, according to the IRS. This is because the standard deduction for each filing status is set at these amounts, so your taxable income is zero. If your income is below these figures, you might not need to file a tax return. You may choose to file a return, however, and you should if you will be entitled to a refund of taxes withheld.

2024 Tax Year Filing Thresholds

The IRS provides specific figures to help taxpayers understand their filing obligations. Here’s a brief overview for the 2024 tax year, showcasing the minimum income required to file taxes based on your filing status and age:

• Single filers:
  • Under 65: $14,600
  • 65 or older: $16,550
• Head of household:
  • Under 65: $21,900
  • 65 or older: $23,850
• Married filing jointly:
  • Both spouses under 65: $29,200
  • One spouse 65 or older: $30,750
  • Both spouses 65 or older: $32,300
• Married filing separately:
  • Any age: $5
• Qualifying surviving spouse:
  • Under 65: $29,200
  • 65 or older: $30,750

Remember, this is the amount of gross income you earned in calendar year 2024, which will be reported on the income tax return you file in 2025.

Minimum Income to File Taxes for the 2025 Tax Year

For the 2025 tax year, the IRS has raised the standard deduction to reflect inflation adjustments. Single filers will see their minimum income threshold for filing taxes increase to $15,000, and those who are married and file jointly will see their threshold increase to $30,000. If your earnings fall below this figure in 2025, you’re generally not obliged to file a tax return unless other conditions apply that require you to do so.

Good To Know

Keep in mind, there are special circumstances, like earnings from self-employment or Social Security benefits, which may influence your need to file a tax return. While income from Social Security alone generally doesn’t require a return, combining it with other income sources could alter your filing requirements. To ensure you navigate these nuances correctly, consider all income streams and, when in doubt, seek advice from a tax expert.

Benefits of Filing

Filing a tax return could be beneficial even if your income is below the minimum threshold. For starters, if federal or state income taxes were deducted from your paycheck throughout the year, you might be entitled to a refund by filing. You could also qualify for several tax credits, like the Earned Income Tax Credit or the Child Tax Credit, which can offer substantial financial relief or even lead to a refund. These incentives are designed to support low- to moderate-income individuals and families, making it worthwhile to file a return even when it’s not required.

Final Take

Understanding your tax responsibilities starts with knowing if you need to file based on your income in 2024 and 2025. Even if you’re not obliged to file a return, considering your options or seeking advice from a tax expert can help maximize your benefits and meet any tax requirements efficiently. This approach ensures you’re fully leveraging potential financial advantages.

Karen Doyle contributed to the reporting of this article.

Information is accurate as of Jan. 1, 2025.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

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