The Complete US Individual's Guide to Filing Your Federal Tax Return
by Dos team
by Dos team
Filing a federal tax return is one of the most important financial tasks you will complete each year. Done correctly, it ensures you pay what you owe - no more, no less. This guide covers the full process for US individuals.
Most US individuals with income above certain thresholds are required to file a federal return. For the 2024 tax year, single filers under 65 must file if their gross income exceeds $14,600, and single filers aged 65 or older must file if their income exceeds $16,550. Married couples filing jointly where both spouses are under 65 must file above $29,200, rising to $30,750 if one spouse is 65 or older. Head of Household filers under 65 must file above $21,900.
You are also required to file if you have self-employment income of $400 or more, regardless of total gross income. Other situations that trigger a filing requirement include owing special taxes, receiving advance premium tax credits, or having income from certain sources.
Even if you are below the threshold, filing may still be worth doing - for example, to claim a refund of withheld taxes or to access refundable tax credits.
By January 31, employers and payers must issue W-2s and most 1099 forms. Your federal return and any tax owed are both due by April 15. That same date is the deadline to file Form 4868 if you need a six-month extension to October 15. Note that an extension gives you more time to file - it does not extend the time to pay. The second quarterly estimated tax payment is due June 15, and the fourth is due January 15 of the following year.
State filing deadlines vary. Most align with April 15, but confirm your state's specific deadline.
Gather the following before you start:
Income Documents
Deduction and Credit Records
Personal Information
Most individuals file using IRS Form 1040. If your income is below $84,000, you may be eligible to file for free through IRS Free File at irs.gov/free-file.
Work through each section carefully. Common errors include:
Your state return is filed separately using your state's forms or tax software. Most states start with federal adjusted gross income and make their own adjustments.
Most individuals take the standard deduction - it is simpler and, for most people, results in a lower tax bill than itemising. For 2024, the standard deduction is $14,600 for single filers, $29,200 for married couples filing jointly, and $21,900 for head of household filers.
Itemising makes sense if your deductible expenses - mortgage interest, state and local taxes (up to $10,000), charitable contributions, and certain medical expenses - exceed the standard deduction. Keep receipts for everything if you itemise.
Federal tax is due by April 15. If you have a balance due, pay it by that date to avoid interest and penalties - even if you have filed for an extension.
Payment options include:
If you cannot pay in full, contact the IRS to arrange an instalment plan. Acting proactively reduces penalties and demonstrates good faith.
If you are self-employed, a freelancer, or have significant income not subject to withholding, you are generally required to make quarterly estimated payments using Form 1040-ES. The first quarter payment is due April 15, the second is due June 15, the third is due September 15, and the fourth is due January 15 of the following year.
Underpaying estimated taxes results in a penalty, even if you pay in full at filing.
The IRS generally has three years from your filing date to audit a return. Keep all supporting records for at least three years. Seven years is recommended if you have claimed a loss or if income was significantly underreported.
If you receive any IRS notice, respond by the deadline stated. Ignoring IRS correspondence always makes the situation worse.
Consider working with a qualified tax specialist if:
