When Can I Do My Taxes for the 2024 Tax Season?
Filing your 2023 taxes involves a specific timeline. Discover when you can begin the process and the key deadlines you need to meet for the 2024 season.
The 2024 tax season, which addresses income earned during the 2023 calendar year, involves specific timelines and documentation. Understanding when you can file requires knowing when key forms become available and when the Internal Revenue Service (IRS) officially opens its systems.
Gathering Your Tax Documents
Before you can file your annual tax return, you must collect all the necessary income-reporting documents. For most individuals, receiving a Form W-2, Wage and Tax Statement, from each employer is a primary step. Employers are legally required to send out these forms to their employees no later than January 31. This form details your total wages and the amount of federal, state, and other taxes withheld.
Beyond employment income, many taxpayers receive income from other sources, which are reported on various versions of Form 1099. For instance, independent contractors and gig workers should expect a Form 1099-NEC for nonemployee compensation, while those who received interest from a bank will get a Form 1099-INT. Payers must also send these 1099 forms by the January 31 deadline. You cannot complete an accurate tax return until all these official documents have been received.
Official 2024 Tax Season Dates
The IRS has announced that the official start of the 2024 tax season is Monday, January 29, 2024. This is the first day the agency will begin accepting and processing 2023 tax returns. While many tax preparation software companies allow you to complete your return earlier, they will hold it and submit it electronically only when the IRS systems open on this date.
The primary deadline for most of the nation to file a 2023 tax return is April 15, 2024. If you cannot file your complete and accurate return by this date, you can request an automatic six-month extension by submitting Form 4868. This action moves your filing deadline to October 15, 2024.
An extension to file is not an extension to pay, as the deadline to pay any tax liability is still April 15, 2024. If you anticipate owing taxes, you must estimate the amount and pay it by the April deadline to avoid potential penalties and interest charges, which will accrue on any unpaid balance.