2024 Tax Filings: The IRS announces when you'll be able to file your taxes

The Internal Revenue Service (IRS) announced that the 2024 tax filing season begins on January 29. This means that from that day forward, you will begin receiving our returns with taxes paid in the 2023 tax year.

We give you these recommendations from the IRS so you prepare your return correctly and don't make mistakes that could delay your potential refund. The first step is to gather all documents detailing the money you received in 2023 and review the amounts on which taxes must be paid.

Here we show you the essential documents you may need to have on hand when preparing your return and leave you with the dates you should know:

Take note of these important dates around the 2024 tax filing season

  • January 12: It's when the IRS opens the “Free File” tool, where taxpayers with income up to $79,000 in 2023 can file their tax returns for free. The IRS recommends using this tool starting on that date so that your tax return is ready and the agency can process it once it begins accepting it on January 29.
  • January 29: The day the IRS begins accepting individual tax returns for processing
  • April 15: Last day to file your tax return or request an extension to file later in the year
  • April 17: Today is the deadline for Maine and Massachusetts taxpayers to file their tax returns or request an extension.
  • October 15: Last day for those who have properly requested an extension to file their tax returns
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W-2 forms

It's the form issued by your employer that paid you $600 or more during tax year 2023. It must do this even if it didn't withhold part of your income, Social Security contribution, or Medicare tax, the IRS explains.

1099 forms

  • The 1099-G corresponds to “certain government payments” such as unemployment benefits. The IRS confirms that tax payments for unemployment benefits vary by program type. These include government subsidies, railroad unemployment benefits, and disability benefits paid in lieu of unemployment compensation, among others.
  • You must receive a 1099-DIV if you received at least $10 in dividends for shares you own in the company. You'll also need to get this form if you're part of a company and receive profits from it, even if those funds aren't paid directly to you.
  • The 1099-R corresponds to funds distributed by retirement plans. You should receive this form if you received at least $10 in tax year 2023. This includes pensions, retirement plans, and individual retirement accounts known as IRAs, among other accounts.
  • 1099-MISC for miscellaneous income and 1099-INT if you received at least $10 in interest payments from a bank, brokerage or other financial institution.

Payment model is through apps like Venmo and CashAPP

This is Form 1099-K, which covers transactions made through a payment processing company (or what is known in English as a “third-party network”), that is, “apps” like Venmo and CashApp, and online stores like Etsy or Ebay.

Those who receive payments from their business (this does not include transfers made by a friend or family member that are not related to payment for a product or service) must report funds received that exceed $20,000 or more than 200 transactions in 2023 to the IRS.

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This means that for the second year in a row, the IRS delayed the entry into force of a rule that would require these forms when a person receives $600 or more (even in a single transaction) in payments for their business through these “apps or online stores.”

“As the IRS continues to work to implement this new law, the agency will treat 2023 as another transition year. This will reduce the likelihood of potential confusion caused by distributing 1099-K forms to taxpayers who did not or may not have expected them.” “You have a tax liability,” the IRS explained in a statement.

If you receive payments for your business through these “apps” or online businesses, you should prepare to report them using these forms in next year's tax season (2025), when the IRS will require them from taxpayers who received $5,000 or more throughout the time. 2024.

“It is important for taxpayers to understand why they are obtaining Form 1099-K and then use it with their (financial) records to attempt to determine their correct income on their tax returns,” the IRS said.

Form 1095-A with Health Insurance Marketplace Statement

This specific form, if applicable, will detail advance payments made for health insurance through the health insurance marketplace created by the Affordable Care Act and claim the premium tax credit. This credit helps qualifying individuals and families cover their health insurance payments, the IRS explains.

“To get this credit, you must meet certain requirements and file a tax return on Form 8962, Premium Tax Credit,” the IRS adds.

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