Taxes 2023: What is the minimum income needed to file?

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Taxes 2023: What is the minimum income needed to file?
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Not every U.S. citizen is required to file taxes in 2023, but those who meet a minimum threshold set by the Internal Revenue Service must file a tax return this year.

Single filers younger than 65 years old that earn more than $12,950 per year and those 65 and older that make more than $14,700 a year must file their 2023 taxes.Married couples who are younger than 65 and filing jointly must file taxes if they meet the minimum threshold of $25,900 a year. If one spouse is older than 65, the threshold is $27,300 per year, and if both are over 65 years old, the threshold is $28,700.

The IRS began accepting tax returns on Jan. 23, with the tax filing deadline for taxpayers being April 18. Filers must submit a W-2 form from employers, 1099 bank forms, and 1099-K forms from third-party entities.

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