What amount must Lorena earn or more in 2023 to be required to file an income tax return as a single taxpayer?

Study for the 43-Hour Federal Qualifying Education Test. Engage with flashcards and multiple-choice questions, each with hints and explanations. Prepare thoroughly for your exam!

To determine the income threshold for filing a tax return as a single taxpayer in 2023, it is important to consider the standardized filing requirements established by the IRS. For the tax year 2023, the minimum income level that necessitates filing is set at $13,850 for single filers under the age of 65.

This threshold includes wages, salaries, and other forms of income, and is adjusted annually for inflation. Taxpayers whose gross income exceeds this amount are generally required to file a federal income tax return. Therefore, if Lorena earns $13,850 or more, she would be required to submit her income tax return for that year, based on the regulations in place for that specific tax year.

Understanding these thresholds is vital for taxpayers to ensure compliance with federal tax laws and to avoid any penalties for non-filing if their income exceeds the required levels.

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