Tax filing season begins when the IRS begins accepting returns
The nation’s tax filing season begins Monday, as the Internal Revenue Service begins accepting and processing federal tax returns for 2023. Taxpayers have until April 15 to file their applications without an extension.
The IRS expects to receive nearly 130 million individual tax returns by the deadline, with more than… It is expected that 93% of them will be submitted electronically. You can file forms such as 1040, 1040A, and 1040EZ electronically or mail a paper return to the agency. But the quickest and easiest way to file and receive refunds is through electronic filing and direct deposit.
The IRS generally issues refunds within approx three weeks After filing returns electronically – faster if you choose direct deposit instead of a mailed check.
The tax agency has been busy Improvements to its file system After obtaining funding from the inflation reduction law. Taxpayers can now take advantage of new upgrades including enhanced digital messaging, expanded in-person hours at tax assistance centers, reduced wait times for IRS call centers, and improved “Where’s my refund?” a tool.
“As our transformation efforts take hold, taxpayers will continue to see significant improvement in IRS operations in the upcoming filing season.” Commissioner of the Tax Authority Danny Werfel He said in a press release.
Here are other key dates during tax filing season that you should know about.
Full coverage: Taxes 2024 – Everything you need to file your taxes on time
Wednesday 31 January
Businesses must submit W-2 forms to employees by January 31, either electronically or by mail. Contact your employer if you do not receive a copy of your W-2 form by early February. If your employer does not respond, contact the IRS at 800-TAX-1040 for help.
Businesses must also provide certain 1099 statements to recipients by January 31, either electronically or by mail. 1099 forms include:
1099-NEC for non-employee compensation
1099-MISC for miscellaneous income
1099-DIV for dividends and distributions
1099-INT for interest income
1099-R for retirement distributions
Contact 1099 payers if you don’t get your 1099 statements by early February, or call 800-TAX-1040 for assistance.
Thursday 15 February
according to law, The IRS will have to wait until after February 15 To issue tax refunds to taxpayers who have claimed either He received tax revenues (EITC) or additional Child tax credit (Actac). If you claim these credits, file your return electronically, and choose direct deposit, the soonest you can expect your tax refund will be soon February 27 As long as there is no problem with your return.
Additionally, companies must provide 1099 brokerage statements to recipients by February 15, either electronically or by mail. These forms include 1099-B (brokerage statements) and 1099-S (sale or exchange of real estate).
Friday 15 March
Partners and investors in partnerships must file their partnership return by this day. Partnership returns include a Schedule K-1, forms that show the individual’s share of profits, losses, and dividends. Schedule K-1 is for taxpayers to keep unless otherwise instructed, and taxable amounts are included on taxpayer returns as income.
Partnerships can request a six-month extension to file their tax returns. This request is separate from extensions for individual tax returns.
Monday 15 April
For most Americans, this is the deadline to electronically file a tax return, stamp a paper return, or request an automatic extension. Maine and Massachusetts residents have until April 17 thanks to the Patriots Day and Emancipation Day holidays.
If you need more time, you can apply for an extension, by choosing the online option during your tax payments or by mailing your payment with Form 4868. If you request an extension, you will get an additional six months file Your tax return, but you still have to Pay Any estimated tax liabilities by April 15. Otherwise, you may face penalties.
You can also make contributions for 2023 to a Traditional IRA, Roth IRA, SEP IRA, Health Savings Account (HSA), or Solo 401(k) by this date. You can also withdraw excess contributions if your tax return has not yet been filed.
Read more: 3 Ways Retirees Can Save Taxes
If you have more than $10,000 in foreign bank account(s) at any time during the calendar year, you must provide Foreign banks and financial accountsOr Form 114 by this date. If you have one or more household employees in 2023, you must apply Table H And pay domestic worker taxes with your 2023 tax return.
Taxpayers who make discretionary payments must make the first installment of 2024 by April 15.
Monday 17 June
U.S. taxpayers living abroad, or performing military duties outside the United States, should have filed their tax returns or requested an automatic four-month extension by this date. You can request an extension by making your tax payments online or mailing your payment with Form 4868.
Taxpayers who make discretionary payments must make the second 2024 installment by this date.
Monday 16 September
Partners and investors who have requested a six-month extension to file their partnership return must file the return by this date. The partnership must also distribute Schedule K-1 to individuals by the time of filing.
Taxpayers who make discretionary payments must pay the third installment for 2024 by this day.
Tuesday 15 October
If you requested a six-month extension, this is the final deadline to file your 2023 federal tax return. The deadline also applies to U.S. taxpayers living abroad who have requested a four-month extension.
This is also the deadline to make 2023 contributions to a SEP IRA and Solo 401(k) if your employer files an extension by April 15.
Rebecca Chen is a reporter at Yahoo Finance and previously served as an investment tax certified public accountant (CPA).