Everyone knows the deadline for filing their federal income taxes is April 15th. But not everyone has to file. People whose adjusted gross income is less than the standard deduction are exempt from filing in most instances. This can be especially beneficial for people 65 and older, where the standard deduction is $17,750 for single filers and $34,700 if both spouses are 65 or older.
Exceptions apply. For example, if you employed at-home care or maid service, received $400 or more from self-employment or received money from a health savings account, a return is still required.
If you do have to file but are visually challenged, consider using IRS Form 1040-SR. It has larger type than the regular 1040.
MORE INFORMATION:
The standard deduction is different for taxpayers over and under age 65.
For people 64 and under, it’s $15,750 for single filers and those who are married but filing separately and $31,500 for married couples filing joint returns. (That’s an increase of $1,150 from the 2024 tax year for single filers and $2,300 from 2024 for joint returns.)
As mentioned, the standard deduction for people 65 and older is $17,750 for single filers (a $2,000 increase over 2024) and $34, 700 for married couples filing jointly (up $1,600 per spouse or $3,200 over 2024).
In addition to the standard deduction, there’s a new $6,000 bonus deduction for people 65 or older whose “modified adjusted gross income” (MAGI) is $75,000 or less as a single filer or $12,000 for married couples filing jointly whose MAGI is $150,000 or less. The deduction is reduced as income exceeds those limits and is completely phased out at $175,000 for single filers and $250,000 for married couples filing jointly.
For purposes of determining whether you are required to file at all, gross income only includes the taxable portion of your Social Security benefits (if any).
In addition to the exceptions previously noted, a return is also required if you or your spouse are subject to alternative minimum tax or received advance payments of the premium tax credit with respect to health insurance coverage through the Marketplace. You must also file an income tax return if you purchased an electric vehicle and the amount you paid was reduced by transferring the EV tax credit to the dealer.
Even if your income is less than the standard deduction, it may nevertheless be beneficial to file a return if you can claim the earned income credit, additional child tax credit, American opportunity credit or premium tax credit. These credits could generate a tax refund even though you may not be subject to tax.
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