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Did you happen to know that not everyone is required to file a federal income tax statement? The IRS does not require you to pay income tax, or file taxes, unl
by slipheen 3y ago
Did you happen to know that not everyone is required to file a federal income tax statement?
The IRS does not require you to pay income tax, or file taxes, unless you make over $19,400 (as of 2022)
https://www.irs.gov/publications/p501 https://www.irs.gov/publications/p501
It's really difficult to tell what percentage of people that applies to, but just for one example I got from Google, The Tax Policy Center estimates that 70 Million Americans do not need to pay income tax.
https://www.taxpolicycenter.org/taxvox/tpc-number-those-who-dont-pay-federal-income-tax-drops-pre-pandemic-levels https://www.taxpolicycenter.org/taxvox/tpc-number-those-who-...
- saveferris 3y agoI am only half serious about that....should have pointed that out. Interesting links though. Correct that not everyone with income is required to file, though they should. I did not know the income level was that high though, would have guessed half that. Just a guess but I think that overlap is probably pretty large. I would think the majority of people who don't owe taxes are due to lower incomes who would not be required to file and that is offset with deductions....purely a guess though.
- JohnFen 3y agoAlso, not everyone gets a refund. I haven't had a tax refund in about 30 years, because I arrange any withholdings to match my expected tax bill.