You must file a tax return if you meet any of the following conditions:
- Your gross income exceeds the IRS filing threshold for your filing status and age. For example, for 2024 tax year (filed in 2025), the thresholds include:
- Single under 65: $14,600 or more
- Single 65 or older: $16,550 or more
- Head of household under 65: $21,900 or more
- Married filing jointly (both under 65): $29,200 or more
- Married filing separately: $5 or more regardless of age
- Qualifying surviving spouse: $29,200 or more if under 65
- You have net earnings from self-employment of $400 or more.
- You had taxes withheld from your paycheck and want to claim a refund.
- You received advance payments of the Premium Tax Credit for health insurance (Form 1095-A) and must reconcile those credits.
- You owe Social Security or Medicare taxes as a self-employed individual or certain church employees.
- You sold investments, property, cryptocurrency, or other assets that require reporting capital gains or losses.
- You have foreign financial accounts exceeding $10,000 at any time during the year (FBAR filing requirement).
- You owe repayment for certain tax credits, such as the 2008 First-Time Homebuyer Credit.
- You are claimed as a dependent but have earned or unearned income above specific thresholds.
Even if your income is below the filing threshold, filing a tax return might be beneficial to receive refunds or tax credits
. In summary, filing requirements depend on your income level, filing status, age, and specific financial situations like self-employment or investment activity
