Income question

[azgal1]

My husband and I are retired, we have a couple of stocks that earn us very Little dividends which go back into the stocks. Do we still have to file taxes

[SusanC6]

You must file a tax return if your gross income is above the filing thresholds.  The filing thresholds vary depending on your filing status and age.

Gross income means all income a person receives that is not exempt from tax.  This includes income from sources outside the US and from the sale of a home, even if you can exclude part or all of the sale.

Dividends received, even if reinvested are considered income.

The 2023 filing thresholds are as follows:

$27,700  Married filing jointly and both spouses are under 65

$29,200  Married filing jointly and one spouse is 65 or older

$30,700  Married filing jointly and both spouses are 65 or older

These filing thresholds will increase slightly for the 2024 year