Hello @Bluefalcon77
I am so happy you are joining us today!
The taxability of income is based on your standard deduction or itemized deduction (whichever is higher).
Here are the filing requirements for the IRS:
For 2022:
| married filing jointly |
under 65 (both spouses) |
$25,900 |
| married filing jointly |
65 or older (one spouse) |
$27,300 |
| married filing jointly |
65 or older (both spouses) |
$28,700 |
The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.
So if your taxable income is under $27,700 for 2023, then you will not be required to file a Federal Tax return.
Depending what State you live in, there may be different filing requirements.
Please let me know if you have any additional questions, I will be happy to help!
Holly W
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