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Rossen Reports: These people don’t need to file taxes, do you qualify?
If you don’t HAVE to file your taxes, why should you? Let’s break down the groups of people that DON’T have to file.If you're under 65: If your 2023 gross income was less than $13,850 as a single filer, and $27,700 if married filing jointly, you don't have to file.If you're over the age of 65: If your income was under $15,700 as a single filer, and $30,700 if married filing jointly, you don't have to file a federal tax return.Another question many people have – what if I’m on Social Security? Do I still need to file my taxes?If the only income you receive is your Social Security benefits, then you typically don't have to file a federal income tax return.BUT, if you have other sources of retirement income, like a 401(k) or a part-time job — then you need to file.A quick way to see if you’re going to pay taxes on your Social Security income is to take half of your benefits and add that amount to all your other income, including tax-exempt interest. If that number is above $25,000 for a single filer and $32,000 for joint filers – you’ll likely have to pay taxes. Click here for more information.Here’s the thing — even if you don’t HAVE to file your taxes, it’s a good idea to do it anyway.You might qualify for a tax break that could bring you some money. Plus, if you haven't had to file in a few years, you may be eligible for tax breaks from the past three years.If you’re unsure, it’s always a good idea to talk to a financial professional.**Have a question for Jeff Rossen? He’s answering your consumer questions every Friday in the new segment “Rossen Responds.” Email your questions to him at RossenResponds@hearst.com.**
If you don’t HAVE to file your taxes, why should you? Let’s break down the groups of people that DON’T have to file.
If you're under 65: If your 2023 gross income was less than $13,850 as a single filer, and $27,700 if married filing jointly, you don't have to file.
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If you're over the age of 65: If your income was under $15,700 as a single filer, and $30,700 if married filing jointly, you don't have to file a federal tax return.
Another question many people have – what if I’m on Social Security? Do I still need to file my taxes?
If the only income you receive is your Social Security benefits, then you typically don't have to file a federal income tax return.
BUT, if you have other sources of retirement income, like a 401(k) or a part-time job — then you need to file.
A quick way to see if you’re going to pay taxes on your Social Security income is to take half of your benefits and add that amount to all your other income, including tax-exempt interest. If that number is above $25,000 for a single filer and $32,000 for joint filers – you’ll likely have to pay taxes. Click here for more information.
Here’s the thing — even if you don’t HAVE to file your taxes, it’s a good idea to do it anyway.
You might qualify for a tax break that could bring you some money. Plus, if you haven't had to file in a few years, you may be eligible for tax breaks from the past three years.
If you’re unsure, it’s always a good idea to talk to a financial professional.
**Have a question for Jeff Rossen? He’s answering your consumer questions every Friday in the new segment “Rossen Responds.” Email your questions to him at RossenResponds@hearst.com.**
