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D3c To File or Not to File: Characteristics of Households in United States That Did Not File an Income Tax Return between 2001 and 2019
Key Words
Low-income Financial Planning, Income Tax, Household Finance
Short Description
The U.S. income tax system is complex and serves multiple purposes. How individuals interact with and are impacted by the U.S. tax system can have a dramatic impact on both their after-tax income and their wealth accumulation over time. In order to comply with U.S. tax laws, individuals are generally required to file an income tax return. Many households are exempt from filing a federal income tax return because their income is below certain thresholds. However, failure to file an income tax return eliminates some households from receiving government transfers through the tax system, such as the Earned Income Tax Credit and Child Tax Credit. This paper examines the income tax filing patterns of households from 2001 to 2019 using the Survey of Consumer Finances. We find that low-income and low-net-worth households are most likely to not file a tax return. Similarly, households that are young, have few or no children, have less education, and other races are also less likely to file a tax return. Many institutions are concerned with financial inclusion and wealth-building among low-income and/or low-wealth households, a key starting focal point in that effort could be helping low-income individuals file their federal income tax returns.