Tax season can be overwhelming, but knowing the basics can make the process much easier. In this blog, I’ll cover the essential filing requirements for individuals in the USA for 2024, including who must file, when to file, how to get an extension, and the different filing statuses. Let’s break it down in simple language, with examples to help you understand.
Who Must File?
Not everyone is required to file a tax return. Whether you need to file depends on your income, age, and filing status. Here’s a quick guide:
Single
If you’re under 65 and earned at least $13,850 in 2024, you must file. If you’re 65 or older, the threshold is $15,700.
Married Filing Jointly
If both spouses are under 65, you must file if you earned at least $27,700 combined. If one spouse is 65 or older, the threshold is $29,350, and if both are 65 or older, it’s $31,000.
Married Filing Separately
You must file if you earned at least $5, regardless of your age.
Head of Household
If you’re under 65 and earned at least $20,800, you must file. The threshold increases to $22,650 if you’re 65 or older.
Qualifying Widow(er) with Dependent Child
If you earned at least $27,700, you must file. If you’re 65 or older, the threshold is $29,350.
Example: Jane is 45 years old, single, and earned $20,000 in 2024. Since she earned more than $13,850, she is required to file a tax return.
When to File?
The standard deadline to file your tax return is April 15, 2025. However, if this date falls on a weekend or a holiday, the deadline is extended to the next business day.
Example: In 2024, April 15 is a Monday, so your tax return is due by April 15, 2025.
How to Get an Extension
If you need more time to file your tax return, you can request an extension. Filing Form 4868 with the IRS gives you an extra six months to submit your return, moving the deadline to October 15, 2025. However, an extension to file is not an extension to pay your taxes. You must estimate and pay any taxes owed by the original deadline to avoid penalties.
Example: John needs more time to gather his tax documents, so he files Form 4868 before April 15. He now has until October 15 to submit his return.
Understanding Filing Status
Your filing status determines your tax rates and the deductions you’re eligible for. Here’s a rundown of each status:
Single
You file as single if you’re unmarried or legally separated as of December 31, 2024. This status typically has the highest tax rates compared to other filing statuses.
Example: Lisa is 30 years old, unmarried, and has no dependents. She will file as single.
Married Filing Jointly
This status is for married couples who combine their income and deductions on one return. It often provides the best tax benefits.
Example: Mark and Susan are married and choose to file together. They’ll use the “Married Filing Jointly” status.
Married Filing Separately
Married couples can choose to file separately, but this often leads to higher taxes and fewer credits. You might choose this option if you want to keep your finances separate or if one spouse has significant medical expenses or other deductions.
Example: Alex and Maria are married but decide to file separately because Maria has high medical expenses that she can deduct more effectively on her own return.
Head of Household
You can file as Head of Household if you’re unmarried, pay more than half the costs of keeping up a home, and have a qualifying dependent, such as a child. This status provides better tax rates than filing as single.
Example: Sarah is unmarried and supports her two children. She qualifies as Head of Household.
Qualifying Widow(er) with Dependent Child
If your spouse passed away in the last two years and you have a dependent child, you can use this status, which gives you the same tax benefits as Married Filing Jointly.
Example: Emily’s husband passed away in 2023. Since she has a dependent child, she can file as a Qualifying Widow(er) for 2024.
Final Thoughts
Understanding your filing requirements and choosing the correct filing status are crucial steps in preparing your tax return. Each situation is unique, so it’s important to know what applies to you.
If you need help with your 2024 taxes, whether it’s understanding your filing status, getting an extension, or anything else, I’m here to help. Reach out for personalized assistance and make tax season a little less stressful.