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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 ...
“However, the combination of tax-deferred accounts, RMDs [required minimum distributions] and Social Security can make taxes and retirement a complicated situation to navigate.”
The IRS will only ask you to file a tax return if your gross income is greater than or equal to the minimum filing threshold for the current year. ... the income tax filing threshold — $25,000 ...
Tax returns: U.S. corporations and most resident individuals must file income tax returns to self assess income tax if any tax is due or to claim a tax refund. Some taxpayers must file an income tax return because they satisfy one of the several other conditions. [15] Tax returns may be filed electronically.
An individual's tax liability depends upon two variables: the individual's filing status and the taxable income. [16] The status can determine the correct amount of tax, whether the taxpayer can take certain tax deductions or exemptions that could lower the final tax bill, and even whether one must file a return at all. [17]
Amounts of income tax so withheld must be paid to the taxing jurisdiction, and are available as refundable tax credits to the employees. Income taxes withheld from payroll are not final taxes, merely prepayments. Employees must still file income tax returns and self assess tax, claiming amounts withheld as payments. [63]
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