What is the Minimum to file for 2024 taxes?

The 2024 tax year has just wrapped up and you just received a W-2. Some of you may be thinking “Do I need to file? What is the minimum income to file?”

The absolute minimum to file is $14,600. This is because the single, under 65 years of age standard deduction is $14,600. If your income is below that, you will not owe federal income taxes.

However, if you are self-employed and your self-employed earnings are $600 or more, that creates a filing requirement. The main reason that you need to file is because you need to claim and pay your self-employment taxes. The Federal Insurance Contributions Act (FICA) established a payroll tax that funds Social Security and Medicare and requires employers to withhold these taxes. The average employee would not have to think about this since the taxes were paid and withheld via payroll withholding. You would have to pay both the employer and employee portion on your return.

Getting back to filing, it might be in your benefit to file even if you are below the non-filing threshold. You may have federal tax withholdings that you want refunded to you or you may get a refund for the additional child tax credit, the premium credit, the Earned Income Credit for working families or the American opportunity credit.

Also be mindful that states have different levels of filing requirements.

In general, it is good practice to file your tax return. It maintains a pattern of income and providing good record-keeping. In the future, you may need to provide copies of your tax returns for things such as applying for a mortgage, auto loan or personal loan, or for a federal student aid application.