The IRS Will Start Accepting 2024 Federal Tax Returns on January 27

IRS 1 Dashing News

The IRS has officially announced that the 2024 tax filing season will commence on January 27, 2024. On this date, the agency will begin accepting and processing federal income tax returns. This announcement marks the beginning of a busy period for taxpayers, with several important updates to consider for the upcoming tax season.

Key Updates and Tools for 2024

IRS Commissioner Danny Werfel highlighted improvements aimed at making the tax filing process smoother and more efficient. These updates include:

  • Expanded Use of Chatbots and Voicebots: Enhanced online and telephone support tools are now available to help taxpayers with common queries.

  • Direct File Program Expansion: The pilot Direct File program has been expanded to cover 25 states, enabling more taxpayers to file directly with the IRS for free.

Important Tax Deadlines

  • General Filing Deadline: April 15, 2024

  • Extensions for Disaster-Affected Areas:

    • Taxpayers in federally declared disaster areas receive automatic extensions for filing and payments.

    • For example:

      • Southern California residents affected by recent fires and winds have until October 15, 2024, to file and pay.

      • Residents in states impacted by Hurricanes Helene and Milton (Alabama, Florida, Georgia, North Carolina, South Carolina, parts of Tennessee and Virginia) have until May 1, 2024.

If you cannot file by April 15 and are not in a disaster-affected area, you may apply for an automatic six-month extension. However, remember that an extension to file is not an extension to pay. Payments are still due by April 15 to avoid late-payment penalties.

Direct File Program: What You Need to Know

The IRS’s Direct File program allows eligible taxpayers to file their taxes directly for free. Starting January 27, the program will be available in 25 states, including:

  • Alaska, California, Florida, Illinois, New York, Texas, and others

New this year, the program covers additional tax situations, such as claims for the Child and Dependent Care Credit.

Free File Options

As of January 10, taxpayers with an Adjusted Gross Income (AGI) of $84,000 or less can use the IRS Free File program through private-sector partners. Key details include:

  • Eight private-sector partners are offering guided tax preparation software.

  • One partner offers a Spanish-language option.

  • Active-duty military personnel with an AGI of $84,000 or less qualify for free tax preparation and filing.

Each partner may have specific eligibility criteria based on income, age, and residency.

Refunds: What to Expect

If you’re expecting a refund, here’s what you need to know:

  • No penalties for late filing if you expect a refund: However, your refund will be delayed until you file.

  • Average refund time: Most refunds are issued within 21 days of electronic filing and direct deposit selection.

  • EITC Refunds: Refunds related to the Earned Income Tax Credit will not be issued before mid-February due to legal requirements.

To track your refund status, use the Where’s My Refund tool on the IRS website.

Additional Payments for 2021 Recovery Rebate Credit

Some taxpayers may receive separate payments from the IRS in the coming weeks. This applies to filers who were eligible for the 2021 recovery rebate credit but did not claim it on their returns. The IRS is issuing these payments to approximately 1 million filers.

Preparing for Tax Season

To ensure a smooth filing process:

  • File electronically and choose direct deposit for faster refunds.

  • Use the IRS tools and resources, such as Free File and Direct File, for eligible taxpayers.

  • Stay updated on deadlines, especially if you reside in a disaster-affected area.

For more detailed information, visit the IRS website or consult their compiled list of disaster-affected areas and relevant deadlines.

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