INDIANAPOLIS— Taxes are due April 18, but many Indiana taxpayers don’t even realize they need to file a tax return.
Nearly 3.4 million Hoosiers filed a federal tax return last year.
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 2022 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 $12,950 for 2022
- If you’re married and filing jointly, you have to file if you earned at least $25,900 in 2022.
- If you’re married and filing separately, you need to file a tax return if you made as little as $5.
- If you’re an independent contractor, you still need to file if you earned at least $400 in 2022.
Stacy Engle, a spokesperson for the IRS based in Indianapolis, said there’s some misconceptions among taxpayers.
“They’ll say ‘I didn’t get a W2 so I don’t have to report that,’ but cash or services such as bartering, anything like that, that is technically considered income,” said Engle. “There are ways the IRS can track cash.”
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.
IRS TIPS: Here’s how to figure out if you should file a tax return this year:
MORE TAX TIPS: How to get ahold of the IRS without calling | Common tax mistakes to avoid | How to get your refund quickly | IRS warns Indiana taxpayers of tax scams as season begins | Indiana taxpayers could see smaller refunds this tax season