IRS Filing Start Date 2024 – Deadline for Filing Electrically & on-Paper!

The IRS has announced the opening date for filing 2023 tax returns – January 22nd, 2024. This means you can officially begin submitting your forms and claiming your rightful refunds.

IRS Filing Start Date 2024

IRS begins accepting both electronic and paper tax returns for the 2023 tax year from January 22, 2024. 

The official deadline to file federal tax returns for the 2023 tax year is Monday, April 15, 2024.Employers are required to send employees their W-2 and 1099 income tax forms by the end of January. 

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The due date for tax returns will fall on April 15, 2024, for the first time since 2019.

IRS Filing Schedule 

The IRS filing schedule for 2024 is as follows:

  • January 22nd, 2024: IRS begins accepting both electronic and paper tax returns for the 2023 tax year.
  • January 31st, 2024: Last day to receive most 1099s and W-2 forms from your employer.
  • April 15th, 2024: Deadline to file your 2023 tax returns or request an extension.
  • April 16th, 2024: Delayed refunds due to Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) claims may start arriving.
  • June 15th, 2024: Final deadline for U.S.residents living abroad, including active duty military, to file their 2023 tax return.

IRS Filing Start Date

Eligibility requirements for filing IRS taxes in 2024

The eligibility requirements for filing taxes in 2024 are based on various factors such as income, filing status, and age. 

Income Threshold: 

  • If your income is below the standard deduction threshold for 2023, which is $13,850 for single filers and $27,700 for those married filing jointly, you may not be required to file a tax return. 

Filing Status and Age: 

  • The minimum income requirements for filing a tax return vary based on filing status and age. 
  • For example, if you’re under 65, you may have to file a tax return if your 2023 gross income was at least $12,950 as a single filer. 
  • The thresholds are different for those over 65 and vary based on filing status.

Other Situations Requiring Filing: 

  • Having self-employment net earnings of at least $400, owing taxes on an IRA or health savings account, or owing alternative minimum tax.

How to file an IRS return 2024?

IRS return for tax year 2023, covering both electronic and paper filing methods are available below.

Electronic Filing (E-filing):

  • Faster and more accurate: Reduces errors and ensures quicker processing.
  • Refunds arrive faster: Generally within 21 days if you choose direct deposit.
  • Free options available: Many providers offer free e-filing, especially for low or moderate earners.

Paper Filing:

  • Use if you lack internet access or prefer a physical copy.
  • Download forms from the IRS website: https://www.irs.gov/forms-pubs
  • Mail completed forms to the IRS address for your state.

Select a Filing Option:

  • Tax software: Guides you through the process, helps avoid errors, and often offers helpful features like refund tracking.
  • Free File: IRS-approved providers offer free e-filing to those who meet income requirements.
  • Direct File: IRS-run pilot program offering free, mobile-friendly filing for eligible taxpayers in certain states.

Follow Instructions Carefully:

  • Complete the appropriate forms: Use Form 1040 or 1040-SR for individual tax returns.

Submit Your Return:

  • E-file: Transmit your return electronically through your chosen software or provider.
  • Paper file: Mail your completed forms to the appropriate IRS address.

What are the new tax limits for 2024?

The new tax limits for 2024 include adjustments to income tax brackets, standard deductions, retirement savings contributions, and more. Some of the key changes are:

  • Income Tax Brackets: The IRS has adjusted the income tax brackets by 5.4% for each type of tax filer, such as those filing separately or as married couples. 
  • Standard Deduction: The standard deduction for 2024 has increased by $750 for single filers and $1,500 for joint filers, to $14,600 for single filers and $29,200 for joint filers.
  • Retirement Contribution Limits: The IRS has adjusted retirement contribution limits to account for inflation. 
  • Gift Tax Exclusion: The gift tax exclusion for 2024 has been adjusted to account for inflation, which may affect estate planning strategies for some taxpayers.
  • Phase-out Levels for IRA Deductions, Roth IRAs, and the Saver’s Credit: The IRS has also adjusted the phase-out levels for IRA deductions, Roth IRAs, and the Saver’s Credit to account for inflation.

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