What is the maximum amount you can earn without having to pay taxes in 2024?
Millions of Americans file their tax returns with the IRS every year. However, there are some who are not obligated to go through this annual process.
Millions of Americans are used to performing the annual ritual of filing their taxes with the Internal Revenue Service. However, there are certain people who are exempted from paying taxes to the agency.
In general, this exemption applies to those whose earnings fall below a certain income bracket. The standard deduction refers to the income threshold that the IRS establishes as the maximum amount that is tax-free.
READ ALSO: Top 10 US companies to work for in 2024
What is the maximum amount you can earn without having to pay taxes in 2024?
According to official information from the IRS, the minimum income requirement for filing a standard return for fiscal year 2023 are as follows:
- $13,850 for single taxpayers under 65
- $15,700 for single taxpayers 65 or older
- $27,700 for those married filing jointly, if both spouses are under 65 years of age
- $29,200 for those married filing jointly if one spouse is under age 65 and one is 65 or older
- $30,700 for those married filing jointly if both are 65 or older
- $20,800 for heads of household under 65
- $22,650 for heads of household 65 or older
- $5 for those married filing separately, whatever age
- $27,700 for qualifying surviving spouses under 65
- $29,200 for qualifying surviving spouses 65 or older
Although people who fall below the minimum income requirement are not required to pay taxes, they are not exempt from the declaration process, as there are various refunds or credits that are claimed based on the tax return.
Other exemptions
In addition to the standard deduction, some taxpayers with many deductions can cancel part of their taxable income, as well as taxpayers with many dependents and adults over 65 whose only income is monthly Social Security payments.
READ ALSO: Can you file your taxes if you are living abroad?
When does tax season start?
The 2024 tax season, which involves tax returns for the fiscal year 2023, starts on Jan. 29. The IRS estimates that more than 128.7 million taxpayers file their respective declaration before the deadline, which is on April 15.
Even if you are not required to file a tax return, you might want to do so anyway, as this could bring you some benefits. You might be eligible for a tax break that could get you a refund, or qualify for earned income tax and additional child tax credit, as well as other credit available to lower income earners.