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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.
If you file a federal tax return as an individual, you could pay income tax on up to 50% of your Social Security benefits (assuming a combined income of $25,000 to $34,000).
The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status.
Income tax is imposed on individuals, corporations, estates, and trusts. [6] The definition of net taxable income for most sub-federal jurisdictions mostly follows the federal definition. [7] The rate of tax at the federal level is graduated; that is, the tax rates on higher amounts of income are higher than on lower amounts.
Although state taxes are filed separately, many state tax returns will reference items from Form 1040. For example, California's 540 Resident Income Tax form makes a reference to Form 1040's line 37 in line 13. [46] Certain tax filing software, such as TurboTax, will simultaneously file state tax returns using information filled in on the 1040 ...
There are several variations of this form, such as the 1040EZ and the 1040A, as well as many supplemental forms. 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).
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