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Tax filing is open Here’s what to know about your 2024 tax refund.

When can I file my taxes for 2024

Whether you have to file a tax return this year depends on your income, tax filing status, age and other factors. It also depends on whether someone else can claim you as a tax dependent. Taxpayers will continue to see helpful changes at the IRS following ongoing transformation work. The IRS started sending Letter 6419, 2021 advance Child Tax Credit, in late December 2021 and continues to do so into January. The letter contains important information that can help ensure the return is accurate.

When can I file my taxes for 2024

The 2024 tax season has introduced many significant tax changes, whether you are filing a personal or business tax return—or both. Understanding the tax changes will help you take advantage of opportunities to pay less to the IRS this year. The 2023 child tax credit is worth up to $2,000 per qualifying dependent under age 17, according to NerdWallet. The credit decreases if your modified adjusted gross income exceeds $200,000, or $400,000 for a married couple filing jointly.

Volunteer Income Tax Assistance (VITA)

If your income is above $73,000, then you will have to pay a tax preparation company to file electronically. If you file electronically and include direct deposit information, you should get your refund within 21 days. The IRS will grant you an extension until October 15, 2024, if you request an extension before April 15th. Keep in mind that any amount you owe is still due on April 15th and you will owe penalties and interest on any unpaid tax balance.

  • December 31, 2024, is the last day of the tax year and is also the last day to make contributions to your 401(k) plan or to incur expenses you expect to deduct when you file your 2024 taxes.
  • Those taxpayers receiving bigger refunds are most likely to be workers whose income didn’t keep up with inflation.
  • A small handful of states, such as Alaska and Wyoming, don’t have a state income tax.
  • This online tool is designed to help taxpayers determine the right amount of tax to have withheld from their paycheck.

However, that is a guideline, not a guarantee, and the tax agency warns that some returns may take more time to review, extending the period beyond 21 days. While for heads of households, the standard deduction will be $20,800, up $1,400. Kemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. She has been instrumental in tax product reviews and online tax calculators to help individuals make informed tax decisions. Her work has been featured in Yahoo Finance, Bankrate.com, SmartAsset, Black Enterprise, New Orleans Agenda, and more. On IRS.gov or the IRS2Go mobile app to see the latest information on your tax return and refund.

Watch for IRS letters about advance Child Tax Credit payments and third Economic Impact Payments

People who live in areas that were affected by natural disasters may also have later deadlines. The IRS typically opens for the season in January, but TurboTax will be accepting returns and ready to help you prepare your tax return in early tax season January! Check back with the TurboTax blog for updates on the IRS e-file open announcement. But feedback from taxpayers and payment processors confused by the new rules led the IRS to delay the new $600 reporting threshold requirement.

When can I file my taxes for 2024

You can decide if the GetMyRefund service or the File Myself service is right for you. If you’re not sure, the site offers a quick Q&A that can help you to make a determination. From there, you’ll be guided through the process by the program, or if you choose File Myself, you’ll get sent to the partner site to complete your return on your own. TaxSlayer Simply Free does not work for those who need to claim dependent or who have a filing status of head of household, married filing separately, or qualifying widower.

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