2024-01-12 01:45:22
The Internal Revenue Service (IRS) has announced when you will have to file your taxes. With the start of the 2024 tax return season on January 29, the receipt of tax returns settled during the 2023 tax year begins.
In order to facilitate the filing process, we provide you with valuable recommendations from the IRS to ensure the correct preparation of your return and avoid possible errors that might cause delays in processing and obtaining a refund.
When do you have to file your 2024 tax return in the United States?
These are some of the key dates for filing taxes in the United States in 2024:
12th of January: Opening of the IRS ‘Free File’ tool, aimed at taxpayers with income of up to $79,000 in 2023, allowing them to file their tax returns for free. Using this tool from this date is recommended by the IRS to have your return ready so that the agency can process it as soon as the season begins on January 29.
January 29: Beginning of acceptance of individual tax returns by the IRS for processing.
April 15: Deadline to file your tax return or request an extension to file later in the year.
April 17th: Deadline for taxpayers in Maine and Massachusetts to file their tax return or request an extension.
October 15th: Last day to file taxes for those who successfully requested an extension.
Key documents for filing your taxes in the 2024 tax season:
Formulario W-2:
This form, issued by an employer who paid you $600 or more during the 2023 tax year, must be included in your documents, even if no portion of income, Social Security contribution, or Medicare tax was withheld.
1099 Forms:
- 1099-G: Relating to “certain government payments” such as unemployment benefits. Tax payments for unemployment benefits vary by program.
- The 1099-DIV: Must be received if you have received at least $10 in dividends from shares of a company or if you are part of a corporation and have received 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.
- Form 1099-MISC and 1099-INT: For miscellaneous income and interest payments, respectively, both must be considered if you have received at least $10 in these items.
- Form 1099-K for Payments through Applications: This form addresses transactions made through payment processing companies. Such as, for example, Venmo and CashApp, as well as online businesses such as Etsy or Ebay. Those who receive payments over $20,000 or make more than 200 transactions in 2023 must report it to the IRS.
It is essential to be aware of the news, since for the second year in a row, the IRS has postponed the implementation of a rule that would require these forms for payments of $600 or more in a single transaction to businesses through these applications or online merchants.
“It is essential that taxpayers understand the reason for receiving a Form 1099-K and use it along with their financial records to correctly determine their income on their tax return,” the IRS noted.
Form 1095-A with the Health Insurance Marketplace Statement:
This form details advance payments made to health insurance obtained through the Health Insurance Marketplace. To claim the 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 warns that you must be aware of the key dates and have the appropriate 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!
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