What happens if I file my tax return even though I am not required to do so?
If you are not required to file a tax return, you might want to consider filing one anyway, as it may entitle you to receive tax assistance or credits.
It’s time to prepare all your tax documents, since the 2024 tax season is about to begin.
The Internal Revenue Service (IRS) has announced that it will begin receiving and accepting tax returns for the fiscal year 2023 on Jan. 29.
This year, the deadline to file the return will be April 15. Those who request an extension or qualify for an extension will be able to file their return until October 15.
READ ALSO: Can medical bills be deducted on your taxes?
Who must file a tax return?
The IRS adjusts taxable income thresholds each year. The amount of income you can earn before you have to file a tax return depends on the type of income, your age, and your filing status.
According to official information from the tax agency, the amounts of the standard deduction for fiscal year 2023 are the following:
- $13,850 for single taxpayers or couples filing separately, under 65 years of age
- $20,800 for heads of family
- $27,700 for couples filing jointly, under 65 years of age
People with income below these thresholds or who generate no income are not required to file their tax return. However, some may benefit from doing so anyway.
The benefits of filing taxes if you are not required to file
Even if you are exempted, you can still file a return to claim a refundable tax credit or get a tax refund.
If you qualify for tax credits such as the Earned Income Tax Credit or the Additional Child Tax Credit, you can receive a refund even if your tax is $0. To claim the credits, you must file Form 1040 and any other applicable tax forms.
READ ALSO: How and where to apply for an IRS filing extension
This is how IRS refunds are sent
After a tax return is filed, the IRS allots up to 21 days to send the refund via direct deposit to those who share a bank account and electronically filed their return. If the taxpayer so wishes, the IRS can also send the refund in a paper check via postal mail, which takes between six and 12 weeks to arrive.
For more information, visit the Internal Revenue Service web site.