Affordable Care Act (ACA)
Affordable Care Act (ACA) – Lowe Levinson Financial Solutions can help you retrieve & file Form 1095-A
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The income tax code is ever-changing, and keeping up can be quite a daunting task. Lowe Levinson tax preparation pros use three key tax rules to determine if you are required to file a personal tax return. By using our tax preparation services, you’ll be able to simplify and speed up your tax filing process. Let’s go through the tax basics and updates.
First, let’s look at the three key factors that determine whether or not you are required to file a tax return.
If your gross income is above a certain amont you are requirews to file a federal tax return. Depending on your filing status, your age, and type of income you’re reporting, your gross income includes all income that you recieve in the form of money, goods, property, and services.
| Filing Status | Age | Income |
|---|---|---|
| Single | Under 65 Blind/65 or Older | $14,600 $16,550* |
| Head of Household | Under 65 Blind/65 or Older | $21,900 $23,850 |
| Married, Filing Jointly | Under 65 (both spouses) Blind/65 or Older (one spouse) Blind/65 or Older (both spouses) | $29,200 $30,750** $32,300** |
| Married, Filing Separately | Any Age | $5 |
| Qualifying Widow(er) | Under 65 | $29,200 |
| With Dependent Child | Blind/65 or Older | $30,750** |
| Self-Employed | Any Age | $400 |
| Umarried Filers | Married Filers | Rate | ||
|---|---|---|---|---|
| Over | But Not Over | Over | But Not Over | 2024 |
| $0 | $11,600 | $0 | $23,200 | 10.0% |
| $11,600 | $47,150 | $23,200 | $94,300 | 12.0% |
| $47,150 | $100,525 | $94,300 | $201,050 | 22.0% |
| $100,525 | $191,950 | $201,050 | $383,900 | 24.0% |
| $191,950 | $243,725 | $383,900 | $487,450 | 32.0% |
| $243,725 | 609,350 | $487,450 | $731,200 | 35.0% |
| $609,350 | or more | $731,200 | or more | 37.0% |
Tax rate schedules help you estimate your federal income tax. The tax tables are based on your expected filing status.
The actual amount of your income tax is figured on Form 1040, 1040A, or 1040EZ
Affordable Care Act (ACA) – Lowe Levinson Financial Solutions can help you retrieve & file Form 1095-A
Learn More