The nation's tax filing season begins Monday as the Internal Revenue Service begins accepting and processing 2023 federal tax returns. Taxpayers must submit by April 15th without extension.
The IRS expects to receive nearly 130 million individual tax returns by the deadline, more than 93% of which are expected to be filed electronically. You can electronically file forms such as the 1040, 1040A, and 1040EZ, or you can mail a paper response to your agency. However, the fastest and easiest way to apply for and receive a refund is to apply electronically and make a direct deposit.
The IRS typically issues refunds within about three weeks after your return is electronically filed. It's even faster if you choose direct deposit instead of a mailed check.
The tax agency is busy improving its filing system with funding from the Inflation Control Act. Taxpayers can now take advantage of new upgrades including enhanced digital readiness, expanded in-person hours at Tax Assistance Centers, reduced wait times at IRS Call Centers, and improvements to “Where’s My Refund?” Ta. tool.
“Taxpayers will continue to see significant improvements in IRS operations in future filing seasons as our transformation efforts take hold,” IRS Commissioner Danny Wuerffel said in a press release. Stated.
Here are other important dates to know during tax season.
Complete coverage: 2024 Taxes — Everything You Need to File Your Taxes on Time
Wednesday, January 31st
Businesses and businesses must provide W-2 forms to employees electronically or by mail by January 31st. If you do not receive a copy of your W-2 by early February, contact your employer. If your employer does not respond, contact the IRS at 800-TAX-1040.
Businesses and businesses must provide certain 1099 statements to recipients electronically or by mail by January 31st. The 1099 form includes:
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1099-NEC Non-Employee Compensation
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1099-MISC (miscellaneous income)
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1099-DIV for dividends and distributions
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1099-INT for interest income
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1099-R for retirement distributions
If you do not receive your 1099 statement by early February, contact your 1099 payer or call 800-TAX-1040 for assistance.
Thursday, February 15th
By law, the IRS must wait until after February 15 to issue tax refunds to taxpayers who claimed the Earned Income Tax Credit (EITC) or the Supplemental Child Tax Credit (ACTC). If you apply for these credits, file your return electronically, and choose direct deposit, you can expect your tax refund at the earliest around February 27th, unless there are issues with your return.
In addition, companies must provide 1099 Securities Statements to recipients electronically or by mail by February 15th. These forms include 1099-B (Brokerage Statement) and 1099-S (Sale or Exchange of Real Estate).
Friday, March 15th
Partnership partners and investors must file a partnership return by this date. Partnership income includes a Schedule K-1, a form that shows an individual's share of profits, losses, and dividends. Unless otherwise directed, the Schedule K-1 is retained by the taxpayer and the taxable amount is included as income on the taxpayer's return.
Partnerships can request a six-month extension to file their tax returns. This request is separate from a personal tax return extension.
Monday, April 15th
Tax day!
For most Americans, this is the deadline to electronically file a tax return, postmark a paper return, or file for an automatic extension. Residents of Maine and Massachusetts now have until April 17th, thanks to the Patriots Day and Emancipation Day holidays.
If you need more time, you can request an extension by selecting the option online when filing your taxes or by mailing your payment along with Form 4868. If you request an extension, you will have an additional six months. File You have to file a tax return, but still pay Submit your estimated tax liability by April 15th. Failure to do so may result in penalties.
You can also make 2023 contributions to a traditional IRA, Roth IRA, SEP IRA, Health Savings Accounting (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 on taxes
If you have more than $10,000 in funds in a foreign bank account at any time during the calendar year, you must file Foreign Bank and Financial Accounts, or Form 114, by this date. If in 2023 he has one or more household employees, he must file Schedule H and pay household employment tax along with his 2023 tax return.
Taxpayers who pay estimated taxes must pay their first installment of 2024 by April 15.
Monday June 17th
U.S. taxpayers living abroad or serving in the military outside the U.S. must file their tax returns or apply for an automatic four-month extension by this date. You can request an extension by paying your taxes online or by mailing your payment along with Form 4868.
Taxpayers who pay estimated taxes must pay their second installment for 2024 by this date.
Monday, September 16th
Partners and investors who have requested a six-month extension to file a partnership return must file their return by this date. The partnership must also distribute a Schedule K-1 to the individual by the time of application.
Taxpayers who pay estimated taxes must pay their third installment for 2024 by this date.
Tuesday, October 15th
If you request a six-month extension, this is the final deadline to file your 2023 federal tax return. This deadline also applies to U.S. taxpayers living abroad who request a four-month extension.
This is also the 2023 contribution deadline for SEP IRAs and Solo 401(k)s if your employer files for an extension by April 15th.
Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA).
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