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U.S. citizens and residents who realize gross income in excess of a specified amount (adjusted annually for inflation) are required by law to file Federal income tax returns (and pay remaining income taxes if applicable). Gross income includes most kinds of income regardless of whether the income arises from legitimate businesses.
The gross income threshold varies according to the individual’s filing status and age. For example, a single person younger than 65 must file a tax return if they earn more than $13,850. This ...
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
Because United States income tax laws are considered to be complicated, many taxpayers seek outside assistance with taxes (53.5% of individual tax returns in 2016 were filed by paid preparers). [1] Some states have licensing requirements for anyone who prepares tax returns for a fee and some for fee-based preparation of state tax returns only.
If your income from 2024 exceeds the gross income threshold listed for your filing status, you’ll need to file taxes before the deadline, which is April 15, 2025, except in Maine or Massachusetts.
Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...