Should I file a tax return this year?
- Jim Miller: Savvy Senior
- February 20, 2024
- 418
Dear Savvy Senior,
What are the IRS income tax filing requirements for retirees this tax season? I didn’t file a tax return the past two years because my income was below the filing threshold, but I got a part-time job late last year, so I’m wondering if I’m required to file this year.
Retired Worker
Dear Retired,
Whether or not you are required to file a federal income tax return this year will depend on how much you earned last year, the source of the income, your age and filing status.
Here’s a rundown of this tax season’s IRS tax filing requirement thresholds.
For most people this is pretty straightforward. If your 2023 gross income — which includes all taxable income, not counting your Social Security benefits, unless you are married and filing separately — was below the threshold for your filing status and age, you probably won’t have to file. But if it’s over, you will.
—Single: $13,850 ($15,700 if you’re 65 or older by Jan. 1, 2023).
—Married filing jointly: $27,700 ($29,200 if you or your spouse is 65 or older or $30,700 if you’re both over 65).
—Married filing separately: $5 at any age.
—Head of household: $20,800 ($22,650 if 65 or older).
—Qualifying surviving spouse: $27,700 ($29,200 if 65 or older).
To get a detailed breakdown on federal filing requirements, along with information on taxable and nontaxable income, call the IRS at 800-829-3676 and ask them to mail you a free copy of the 1040 and 1040-SR Instructions for Tax Year 2023, or you can see it online at www.IRS.gov/pub/irs-pdf/i1040gi.pdf.
Check here too
Be aware there are other financial situations that can require you to file a tax return, even if your gross income falls below the IRS filing requirements. For example, if you earned more than $400 from self-employment in 2023; owe any taxes on an IRA, Health Savings Account or an alternative minimum tax; or get premium tax credits because you, your spouse or a dependent is enrolled in a Health Insurance Marketplace plan, you’ll need to file.
You’ll also need to file if you’re receiving Social Security benefits and half of your benefits plus your other gross income and any tax-exempt interest exceeds $25,000 or $32,000 if you’re married and filing jointly.
To figure all this out, the IRS offers an online tax tool that asks a series of questions that will help you determine if you’re required to file or if you should file because you’re due a refund. It takes less than 15 minutes to complete.
You can access this tool at www.IRS.gov/Help/ITA. Click on Do I Need to File a Tax Return? Or you can get assistance over the phone by calling the IRS helpline at 800-829-1040.
Check your state
Even if you’re not required to file a federal tax return this year, don’t assume you’re also excused from filing state income taxes. The rules for your state might be very different. Check with your state tax agency before concluding you’re entirely in the clear. For links to state tax agencies, visit www.Taxadmin.org/fta-members.
Tax-preparation help
If you find you do need to file a tax return this year, you can free file through the IRS at www.IRS.gov/FreeFile if your 2023 adjusted gross income was below $79,000.
Or if you need some help, contact the Tax Counseling for the Elderly program. Sponsored by the IRS, TCE provides free tax preparation and counseling to middle- and low-income taxpayers age 60 and older. Call 800-906-9887 or visit IRS.treasury.gov/freetaxprep to locate services near you.
You also can get tax-preparation assistance through the AARP Foundation Tax-Aide service. Call 888-227-7669 or visitwww.AARP.org/findtaxhelp for more information. You don’t have to be an AARP member to use this service.
Send your senior questions to Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit www.SavvySenior.org.