Tax returns 2024: The IRS announces when you can file your taxes

The Internal Revenue Service (IRS) announced that the 2024 tax return season begins on January 29. That means from that day, you will start receiving our returns with the tax paid in the 2023 tax year.

We provide you with these recommendations from the IRS so that you prepare your return correctly and avoid mistakes that could delay a potential refund. The first step is to collect all the documents that detail the money you received in 2023 and review what amount must be taxed.

Here we show you the key documents you may need to have handy while preparing your return and the dates you should know:

• 12th January: When you open the IRS ‘Free File’ tool, where taxpayers with income up to $79,000 in 2023 can file their tax return for free. The IRS recommends using this tool starting on that date so you can have your tax return ready and processed as soon as the agency begins accepting them on January 29.

• January 29: The day the IRS begins accepting individual tax returns for processing

• April 15: Request an extension to file after the last day or year to submit your tax return

• April 17: Today is the deadline for taxpayers in Maine and Massachusetts to file their tax returns or request an extension.

• October 15: Last day for those who have duly requested an extension to submit their tax returns

It’s a form issued by an employer who paid you $600 or more during the 2023 tax year. He must do so even if he has not withheld any portion of your income, Social Security contributions or Medicare taxes, the IRS explains.

• The 1099-G corresponds to “certain government payments” such as unemployment benefits. The IRS emphasizes that tax payments for unemployment benefits vary depending on the type of program. These include state subsidies, unemployment benefits in the railway sector and disability benefits paid in lieu of unemployment compensation.

• You should receive a 1099-DIV if you received at least $10 in dividends for the shares you own in the company. You still need to have this form if you are part of a corporation and receive dividends from it, even if the money is not paid directly to you.

• The 1099-R corresponds to money distributed by retirement plans. You should receive this form if you received at least $10 in tax year 2023. These include annuities, retirement plans, and individual retirement accounts known as IRAs.

• 1099-MISC and 1099-INT for miscellaneous income if you received at least $10 in interest payments from a bank, brokerage, or other financial institution.

This is the 1099-K form, which covers transactions made through a payment processing company (or what is known in English as a ‘third party network’), ie ‘apps’ such as Venmo and CashApp and online stores such as Etsy or Ebay.

Those who receive payments from their businesses (this does not include transfers made by a friend or family member that are not related to payment for a product or service) must report to the IRS money received in 2023 over $20,000 or more than 200 transactions.

This means that, for the second year in a row, the IRS has postponed the entry into effect of the rule that would require this form when an individual receives $600 or more in payments to their business (even in a single transaction). Apps or online store.

“As the IRS continues to work on implementing this new law, the agency will consider 2023 as the second transition year. This will reduce the potential for confusion due to the distribution of Form 1099-K to taxpayers who did not or could not expect them. Tax liability,” the IRS explained in a statement.

If you receive payments for your business through these ‘apps’ or online businesses, you should prepare to report them with these forms in next year’s tax season (2025), when the IRS will ask taxpayers who make $5,000 or more. have received 2024.

“It is important for taxpayers to understand why they are receiving a Form 1099-K and then use it with their (financial) records to try to determine their true income on their tax return,” the IRS said.

This special form, if applicable, will detail advance payments made for health insurance taken out by claiming the health insurance marketplace and premium tax credit created by the Affordable Care Act. The IRS explains that this credit helps eligible individuals and families cover their health insurance payments.

“To receive this credit, you must meet certain requirements and file a tax return with Form 8962, Premium Tax Credit,” the IRS adds.