You'll need to sign in or create an account to connect with an expert.
If your income is less than your deductions, it means you likely won't owe any federal income tax for 2024. However, you might still want to file a return because:
1. You might be eligible for refundable tax credits like the Earned Income Credit, which could mean extra money in your pocket even if you didn't pay any tax.
2. If you had taxes withheld (box 2 of your W-2), the only way to get this back is to file a return.
3. You may still be required to file a state return, as states sometimes have different filing requirements than federal.
4. You might need proof of your income for other programs or benefits.
Or, if you had self-employment income, you could still owe some SE taxes (Medicare and Social Security), even if there is no regular income tax due.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
karen3316
New Member
fcp3
Level 3
Jontillia88
New Member
vanessaocampo294
New Member
jackkgan
Level 5