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Level 1
posted Oct 25, 2023 9:17:20 AM

Unemployed for the Year and opened a CD

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? 

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1 Best answer
Employee Tax Expert
Oct 25, 2023 9:34:30 AM

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.

3 Replies
Employee Tax Expert
Oct 25, 2023 9:26:54 AM

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

Level 1
Oct 25, 2023 9:31:49 AM

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?

Employee Tax Expert
Oct 25, 2023 9:34:30 AM

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.