![]() ![]() ![]() The need to account for deductible expenses is one requirement for which being a pack rat pays off. Regardless of whether or not you are required to file, you may want to do so, because if your employer has been withholding taxes, you may be owed a tax refund. ![]() If your taxes become more complicated, various schedules and forms are included to provide the IRS with information necessary to process your tax return. Because most first-timers are dependent-free and not bogged down with various claims, they're eligible to a simple version of the Form 1040. Such a person is responsible for the entire amount of taxes due the government-rather than only half, as is the case with an individual from whose pay income taxes have been withheld and forwarded to the government by the employer.įiling doesn't have to be complicated for newcomers. On the other hand, a self-employed individual who earned the same amount won’t get off so easily, Parks says. “This amount is determined by the person’s filing status, age and dependency status,” Parks said.įor example, in 2022, if you are under age 65 and filing single or married filing separately, you typically must file an income tax return if your gross income was $12,950.Ĭhart A of "1040 Instructions 2022" details 10 separate filing situations and the corresponding income threshold for filing. Before giving yourself a headache over Internal Revenue Service rules, one expert says, determine if you have to report your income at all.Ītlanta-based Cora Parks, author of the blog TaxToday, said first-time filers need to see if they received enough income for the tax year to trigger the filing requirement. ![]()
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