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OLT TAX CORNER ~ Filing Requirements
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Filing Requirements FAQ
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 How do I know if I am required to file federal income tax return? | ||
| IF your filing status is: | AND at the end of 2024 you were:* | THEN file a return if your gross income**was at least: |
| Single | Under 65 | $14,600 |
| Single | 65 or older | $16,550 |
| Married Filing Jointly*** | under 65 (both spouses) | $29,200 |
| Married Filing Jointly*** | 65 or older (one spouse) | $30,750 |
| Married Filing Jointly*** | 65 or older (both spouses) | $32,300 |
| Married Filing Separately | any age | $5 |
| Head of Household | Under 65 | $21,900 |
| Head of Household | 65 or older | $23,850 |
| Qualifying surviving spouse | Under 65 | $29,200 |
| Qualifying surviving spouse | 65 or older | $30,750 |
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If you were born before January 1, 1960, you are considered to be age 65 at the end of 2024. (If your spouse died in 2024 or if you are preparing a return for someone who died in 2024, see Pub. 501.) Gross income means all income you received in the form of money, goods, property, and services that isn't exempt from tax, including any income from sources outside the United States or from the sale of your main home (even if you can exclude part or all of it). Do not include any social security benefits unless (a) you are married filing a separate return and you lived with your spouse at any time in 2024 or (b) one-half of your social security benefits plus your other gross income and any tax-exempt interest is more than $25,000 ($32,000 if married filing jointly). If (a) or (b) applies, see the instructions for lines 6a and 6b to figure the taxable part of social security benefits you must include in gross income. Gross income includes gains, but not losses, reported on Form 8949 or Schedule D. Gross income from a business means, for example, the amount on Schedule C, line 7, or Schedule F, line 9. But, in figuring gross income, do not reduce your income by any losses, including any loss on Schedule C, line 7, or Schedule F, line 9. If you didn't live with your spouse at the end of 2024 (or on the date your spouse died) and your gross income was at least $5, you must file a return regardless of your age. Even if you are not required to file a federal income tax return, you should file a return if you are due a refund. |
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| What is a 1040? |
| Form 1040 is the tax form used for filing a tax return. |
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| How does living in a community property state affect my taxes? |
| Community property laws affect how you figure your income on your federal income tax return if you are married, live in a community property state or country, and file separate returns. Your tax usually will be less by filing a joint return if you are married. Sometimes it can be to your advantage to file separate returns. If you and your spouse file separate returns, you have to determine your community income and your separate income. Community property laws also affect your basis in property you inherit from a married person who lived in a community property state. |
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| What is Form 1040-ES? |
| Form 1040ES is used to report and pay estimated taxes. Estimated tax is the method used to pay taxes on income that is not subject to withholding. Examples of this type of income are earnings from self-employment, interest, dividends, rents, alimony, etc. Estimated taxes are due quarterly. If you file your taxes based on the calendar year, the due dates are April 15, June 15, September 15, and January 15 of the following year. If the due date falls on Saturday, Sunday or a holiday, then the due date if pushed to the next business day. |
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| How do I know if I need to file Form 1040-ES? |
| If you earned any income that was not subject to withholding you may be required to pay estimated tax to avoid penalties. If you received self-employment income, interest income, dividend income, rent income or alimony, for example, and you did not have federal taxes withheld from those earnings, then you should make estimated tax payments to account for your tax liability. |
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| What is an ITIN? |
| An ITIN is a nine-digit number issued by the U.S. Internal Revenue Service (IRS) to individuals who are required for U.S. tax purposes to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a social security number (SSN). |
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| How do I get an ITIN? |
| Use the Form W-7, Application for IRS Individual Taxpayer Identification Number to apply. Attach a valid federal income tax return unless you qualify for an exception, and include your original or certified proof of identity documents. Because you are filing your tax return as an attachment to your ITIN application, you should not mail your return to the address listed in the Form 1040 instructions. Instead, send your return, Form W-7 and proof of identity documents to the address listed in the Form W-7 instructions: |
| Internal Revenue Service Center Philadelphia Service Center ITIN Unit, P.O. Box 447 Bensalem, PA 19020 |
| You may also apply using the services of an IRS-authorized Acceptance Agent or visit an IRS Taxpayer Assistance Center in lieu of mailing your information to the IRS in Philadelphia. TACs in the United States provide in-person help with ITIN applications on a walk-in or appointment basis. Applicants outside the United States should contact an overseas IRS office to find out if that office accepts Form W-7 applications. The IRS's ITIN Unit in Philadelphia issues all numbers by mail. |
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| Can I e-file with form W-7? |
| No, you have three choices: |
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