When Can I Do My Tax Return for 2024?

Navigating the timelines and requirements set by the Internal Revenue Service (IRS) is the first step toward a compliant filing experience. Understanding when the filing season begins, what information is needed, and how to handle potential delays are elements of managing your tax obligations. This preparation ensures you are ready to act once the IRS officially starts accepting returns.

Key Dates for the 2024 Tax Season

The IRS designated Monday, January 29, 2024, as the official start of the tax season for accepting and processing 2023 tax returns. Tax preparation software companies and tax professionals often accept completed returns in advance, holding them until the IRS systems officially open for electronic submission. This allows filers to get organized without having to wait for the official start date.

For most of the nation, the deadline to file a personal federal tax return and pay any tax you owe is Monday, April 15, 2024. If this date falls on a weekend or a holiday, the deadline is moved to the next business day. If you require more time to complete your return, you can request an extension to file.

Essential Documents and Information for Filing

Before calculating your tax liability or refund, you must gather personal and financial information. This includes the Social Security numbers, full names, and dates of birth for yourself, your spouse, and any dependents you claim. Mismatches with government records are a common source of processing delays.

The next step is to collect all documents reporting your income for the year. Employers and other payers are required to send these forms by January 31. The most common income document is Form W-2, which details your annual wages and the amount of tax withheld by your employer. If you earned income from freelance work or as an independent contractor, you would receive a Form 1099-NEC for nonemployee compensation.

Other financial activities are reported on different versions of the Form 1099. Form 1099-INT is issued by banks and financial institutions to report interest income you have earned. If you received income from stock dividends or other distributions, you will need Form 1099-DIV. For other miscellaneous income sources, such as rent or prizes, you would receive a Form 1099-MISC. Having these documents on hand is necessary before you can accurately report your total income.

Finally, to facilitate a speedy refund, you will need your bank account information. Providing your bank’s routing number and your account number for a direct deposit is the fastest way to receive your money from the IRS. This information allows the agency to transfer your refund directly into your account, avoiding the delays associated with mailing a paper check.

Filing a Tax Extension

If you are unable to gather all your documents and file your return by the April deadline, you can request an automatic extension. This is accomplished by submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This form can be filed electronically using tax software or through the IRS website, or it can be printed and sent through the mail.

Filing Form 4868 grants you an additional six months to submit your completed tax return, moving the final deadline to October 15. This can provide valuable time to ensure your return is accurate and complete. The extension is generally granted automatically without needing to provide a specific reason for the request.

An extension of time to file is not an extension of time to pay. To avoid potential penalties and interest charges, you must estimate your tax liability and pay any amount you expect to owe by the original April 15 deadline. The failure-to-pay penalty is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid, capped at 25% of the unpaid amount.