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When does the IRS accept tax returns?
When can I file a tax return?
When will I get my tax refund?
When is the deadline to file a federal tax return?
Jan 29, 2024 · The IRS reminds taxpayers the deadline to file a 2023 tax return and pay any tax owed is Monday, April 15, 2024. Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays. If a taxpayer resides in a federally declared disaster area, they may have additional time to file.
- Overview
- When is the 2024 tax filing season?
- When will the IRS issue refunds in 2024?
- Can I see the status of my tax refund?
- What is happening with the Child Tax Credit?
- Should I wait to file my taxes due to the Child Tax Credit?
- What is different with 2023 and 2024 tax brackets?
- Will I get a bigger tax refund in 2024?
The IRS started accepting tax returns on Monday, kicking off the 2024 tax season with a pledge to provide better service for taxpayers. For most tax filers, the top questions are whether they'll see a bigger tax refund — and how long will it take the IRS to send them their money.
More than half of Americans plan to file their taxes early this year so they can get their hands on their refund as soon as possible, according to a new study from Intuit Credit Karma.
The average refund check last year was just shy of $3,200 — an amount that typically represents a family's biggest check of the year. More than one-third of taxpayers who expect a refund plan to use the money for necessities, Credit Karma found.
One of taxpayers' biggest concerns is the timing of their tax refund, something that became a pain point during the pandemic when millions of refunds were delayed by IRS backlogs. But this tax season, the IRS is tapping billions in new funding provided by the Inflation Reduction Act, allowing it to hire more customer service reps and improve apps like its "Where's My Refund?" service.
"The earlier you file, the earlier you get your money," Mark Steber, chief tax information officer at Jackson Hewitt, told CBS MoneyWatch. "Frankly, there are other benefits to filing early."
Chief among them: Locking up your data from fraudsters, he said. Some scammers try to file early in the tax season by fraudulently using taxpayers' Social Security and work data, hoping to claim those refunds before the taxpayers themselves have had a chance to file, he noted.
The IRS started accepting tax returns on January 29, and will continue to accept federal tax returns through April 15.
Taxpayers in Maine and Massachusetts have until April 17 to file their taxes because of state holidays. People living in federally declared disaster areas can also get more time to file.
The IRS says that most taxpayers receive their refunds within 21 days.
That means that if you file your taxes on January 29, the earliest day possible, you should receive your tax refund by February 19.
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.
It's also important to understand that the 21-day turnaround applies to people who file their taxes electronically. Paper returns can take much longer for the IRS to process.
The best way to check the status of your refund is to visit Where's My Refund? online at IRS.gov or on the IRS2Go app.
The IRS on Monday said that it is updating the "Where's My Refund?" tool to provide more details about a taxpayer's refund, rather than the typical message that the returns are being processed and to check back later. This season, taxpayers will see whether the IRS needs more information from them, as well as other details, the agency said.
Right now, there is a deal to expand the Child Tax Credit (CTC), which includes the possibility of making some changes retroactive to 2023 — the tax year that people are currently filing for.
That deal could provide a more generous refund amount to millions of parents.
Tax experts tell CBS MoneyWatch that you shouldn't hold off on filing your taxes in the hope that Congress will greenlight a more generous Child Tax Credit.
"I can emphatically say, without a question, never wait to file your taxes for possible pending D.C. legislation," Steber said. "It's just not an equation that works."
The IRS has adjusted its tax brackets for inflation for both 2023 and 2024.
In 2023, the tax brackets were adjusted upward by about 7% to account for last year's high inflation. To see those brackets, click here.
Some people could see bigger refunds this year, with some potentially receiving 10% more than a year earlier, Steber said.
Those taxpayers receiving bigger refunds are most likely to be workers whose income didn't keep up with inflation. For instance, if your wages rose 4% last year, that's below the 7% IRS adjustment to its tax brackets. The difference could result in a bigger refund.
- Standard Deductions Increased. When filing your taxes, you can choose to claim the standard deduction or to itemize your deductions. The IRS estimates that 90% of tax filers claim the standard deduction, an amount set by the agency that’s linked to your filing status and other factors.
- Income Tax Brackets Expanded. Along with higher standard deduction amounts, the IRS has adjusted the income tax brackets from the 2022 tax year. The income tax bracket changes mean that, as with higher standard deductions, taxpayers can expect to see a slightly smaller tax bill.
- New 1099-K Reporting Threshold for Payment Apps Delayed. The American Rescue Plan (ARP) of 2021 modified the requirements for reporting transactions involving payment apps, also known as third-party processors.
- Business Owners Can Expect Changes to Deductions. Business Meals Only 50% Deductible. During the pandemic, for the calendar years of 2021 and 2022, business owners were temporarily allowed to deduct 100% of the cost of work-related meals and beverages at restaurants.
Mar 4, 2024 · The 2024 tax season officially started Monday, January 29, and this year, as usual, you have until April 15 to file your tax return. But if you’re eager to receive your refund, you won’t want to...
- April 15 tax filing deadline for most taxpayers. For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024.
- Tips to help people file in 2024. The IRS encourages taxpayers to take steps now to Get Ready to file their 2023 individual federal tax return. It's important for filers to gather all the correct information they need before filing their return.
- IRS Free File; opens January 12; free service on IRS.gov has helped millions. IRS Free File will open Jan. 12, 2024, when participating software companies will accept completed tax returns and hold them until they can be filed electronically with the IRS.
- Most refunds issued in less than 21 days; EITC refunds for many available starting February 27. Many different factors can affect the timing of a refund after the IRS receives a return.
Jan 10, 2022 · WASHINGTON — The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring ...
Dec 7, 2021 · IR-2021-243, December 7, 2021 — The Internal Revenue Service today encouraged taxpayers to take important actions this month to help them file their federal tax returns in 2022, including special steps related to Economic Impact Payments and advance Child Tax Credit payments.
