Unemployed for the Year and opened a CD

Forum|Forum|2 years ago
October 25, 2023
1 reply
14 views

I took the year off from work starting from late December of last year (2022). I just wanted time off as I felt completely burned out. I wanted to rest, but also do personal things I held off from doing. Anyway, do I need to file taxes despite not working at all? Also, I updated my bank accounts, including opening a Timed Account, or a CD. Do I need to file for that?

Ask the Experts - Extension - Sept 2023

Best answer by TeriH

The filing threshold for 2023 is $14,700. So, as long as your income, from all sources (including the cd) is less than $14,700, there is no federal filing requirement.

TeriH

Level 6

A year off sounds lovely!

For Tax Year 2022 the filing thresholds by status determine if you need to file. Assuming you're single and under 65 at the end of 22, then you must file a return IF your gross income was at least $12,950.

For alternative situations you can review this article.
https://www.irs.gov/newsroom/who-needs-to-file-a-tax-return

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TJohn23Author

Level 2

Thanks for the reply. I meant for the year 2023, the current year. So do I have to file when its time to do so in 2024?

And does opening a CD mean anything for filing?

TeriHAnswer

Level 6

The filing threshold for 2023 is $14,700. So, as long as your income, from all sources (including the cd) is less than $14,700, there is no federal filing requirement.

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