The Internal Revenue Service (IRS) has announced when you must file your taxes. With the start of the 2024 tax return season on January 29, receipt of settled tax returns during the 2023 tax year begins.
To make the filing process easier, we provide you with valuable recommendations from the IRS to ensure correct preparation of your return and avoid potential mistakes that could cause delays in getting your refund.
When do you have to file your 2024 tax return in the United States?
Here are some key dates for filing taxes in the United States in 2024:
12th January: The launch of the IRS ‘Free File’ tool, aimed at taxpayers with income up to $79,000 in 2023, allows them to file their tax returns for free. Using this tool from this date is recommended by the IRS to ensure your return is ready so the agency can process it as soon as the season begins on January 29.
January 29:
April 15: Request an extension to file your tax return after the due date or year.
April 17: Deadline for taxpayers in Maine and Massachusetts to file their tax returns or request an extension.
October 15: Last day to file tax for those who have successfully requested extension.
Key documents to file your taxes in the 2024 tax season:
Form W-2:
This form, issued by an employer who paid you $600 or more during the 2023 tax year, must be included in your documentation, even if no portion of the income, Social Security contributions, or Medicare tax was withheld.
1099 Form:
- 1099-G: Related to “certain government payments” such as unemployment benefits. Tax payments for unemployment benefits vary by program.
- 1099-DIV: Must be received if you received at least $10 in dividends from company stock or if you are part of a corporation and received the dividends.
- 1099-R: Corresponds to funds distributed by retirement plans, including annuities, retirement plans, and IRAs. You should receive this form if you earned at least $10 in tax year 2023.
- Forms 1099-MISC and 1099-INT: For miscellaneous income and interest payments, respectively, both should be considered if you received at least $10 in these items.
- Form 1099-K for Payments Through Applications: This form addresses transactions made by payment processing companies. Like, for example, Venmo and CashApp, as well as online businesses like Etsy or Ebay. Those who receive payments of more than $20,000 or make more than 200 transactions in 2023 must report it to the IRS.
It’s important to be aware of the news, because for the second year in a row, the IRS has delayed implementation of a rule that would require businesses to make payments of $600 or more in a single transaction through these apps or online. merchants
“It is essential that taxpayers understand the reason for obtaining Form 1099-K and use it with their financial records to correctly determine their income on their tax returns,” the IRS noted.
Form 1095-A with Health Insurance Marketplace Statement:
This form provides details of advance payments made for health insurance purchased through the Health Insurance Marketplace. To claim premium tax credit, certain requirements must be met. And file a tax return with Form 8962, Premium Tax Credit, according to the IRS.
The IRS cautions that you should be aware of key dates and have the proper documentation. which will ensure smooth filing of tax returns and contribute to efficient processing by the IRS. Prepare in advance for a successful 2024 tax season!