Do You Need To File A Tax Return In 2018?

The Table above does not apply to Non Resident Aliens.  Nor do the thresholds include the thresholds for passive income.  Always consult your preferred tax professional before making a filing decision. 

Tax season opens on Monday, January 29, 2018. The Internal Revenue Service (IRS) expects to process nearly 155 million individual tax returns in 2018. Will you be filing one of those returns? And more important, do you need to?

For the 2018 tax filing season, you’ll report the income and corresponding deductions for the tax year 2017. That includes pay received in 2017 but not pay that you receive in 2018 for services performed in 2017 (you’ll report that income next year).

Just because you received income in 2017, however, doesn’t necessarily mean that you have to file a federal income tax return. For most taxpayers, you can figure whether you have to file by checking the chart below. Choose your filing status, your age and your gross income for the year; if your gross income is above the threshold for your age and filing status, you should file a federal income tax return.

Table of Contents: Do You Need To File A Tax Return In 2018?

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