INDIANAPOLIS — Taxes are due April 15, which is less than two weeks away.
Many people in Indiana don’t even realize they need to file a tax return.
The bottom line is if you’re a U.S. Citizen or a permanent resident and you work, chances are you need to file a 2023 tax return.
The Internal Revenue Service wants to remind you that you may get money back when you file your tax return, for example, if your employer withheld taxes from your paycheck.
- If you’re single, you have to file if your gross income is at least $13,850.
- If you’re married and filing jointly (under age 65), you have to file if you earned at least $27,700.
- If you’re married and filing separately, you need to file a tax return if you made as little as $5.
“Most income is taxable unless it’s specifically exempted by law. Income can be money, property, goods or services,” said the IRS website. “Even if you don’t receive a form reporting income, you should report it on your tax return.”
Stacy Engle, a spokesperson for the IRS based in Indianapolis, said even if you make less than the income requirements, you should still file your taxes especially if your employer withheld money from your paycheck.
“Some students have part time jobs making a little bit,” said Engle. “Even if their parents claim them they still may be able to file a tax return and claim any withholding that they paid in and qualify for some credits. Same as people that just make a small amount of money— they may still qualify for the Earned Income Tax Credit, which can put quite a bit of money in your pocket."
Engle said even if you didn’t get a W-2, perhaps you were paid in cash, you should still file a tax return.
The IRS says filing a tax return can help when you apply for a loan.
Many lenders look at your tax return to figure out your interest rate and decide if you can repay.
If you file accurate tax returns, you may get a loan with a better interest rate.
