The Internal Revenue Service (IRS) announced that the 2024 tax return season begins on January 29. That means, from that day onwards, you will start receiving our income along with taxes paid in tax year 2023.
We provide you with these recommendations from the IRS so you can properly prepare your return and avoid making mistakes that could delay your potential refund. The first step is to gather all the documents about the money you received in 2023 and review what amounts you will be taxed on.
We show you the key documents you need to have with you when preparing your return and give you the dates you need to know:
Write down these important dates for the 2024 tax filing season
- January 12: Taxpayers with income up to $79,000 in 2023 can file their tax returns for free when you open the IRS 'Free File' tool. The IRS recommends using this tool starting on that date so the agency can process your tax return as soon as you prepare it and begin accepting it on January 29th.
- January 29: The day the IRS begins processing personal tax returns
- April 15: The last day to file your tax return or request an extension to file later in the year
- April 17: Today is the deadline for taxpayers in Maine and Massachusetts to file their tax returns or request an extension.
- October 15: Last date for submission of tax returns for those who have properly claimed extension of time
This is a form issued by an employer who paid you $600 or more in the 2023 tax year. The IRS explains that you must do so even if you do not withhold a portion of your income, Social Security contributions, or Medicare tax.
- The 1099-G corresponds to “certain government payments,” such as unemployment benefits. The IRS emphasizes that tax payments for unemployment benefits vary depending on the type of program. These include state subsidies, unemployment benefits in the railway sector and disability benefits in lieu of unemployment compensation.
- You will receive a 1099-DIV if you received at least $10 in dividends on stock you own in a company. You must keep this form even if you are part of a corporation and receive dividends from it, even if the money is not paid directly to you.
- The 1099-R corresponds to money distributed by retirement plans. You should get this form if you earned at least $10 in the 2023 tax year. These include things like annuities, retirement plans, and individual retirement accounts called IRAs.
- 1099-MISC and 1099-INT for Miscellaneous Income If you received at least $10 in interest payments from a bank, brokerage, or other financial institution.
Form payments through apps like Venmo and CashAPP
It's a 1099-K form that covers transactions made through payment processing companies (or 'third-party networks'), such as 'apps' like Venmo and CashApp, and online. Stores like Etsy or Ebay.
People who receive money from their businesses (which includes transfers made by a friend or family member unrelated to payment for a product or service) must report to the IRS money received for 200 transactions of $20,000 or more in 2023. .
This means that, for the second year in a row, the IRS has delayed the effective date of the rule requiring these forms when a person makes payments to their business of $600 or more (even in a single transaction). apps or online stores.
“As the IRS continues to work on implementing this new law, the agency will consider 2023 another transition year. This will reduce the potential for confusion caused by distributing 1099-K forms to taxpayers who do not expect or expect to have a tax liability,” the IRS explained in a statement.
If your business receives payments through these 'apps' or online businesses, you should be prepared to report them with these forms when the IRS asks taxpayers for $5,000 or more in next year's tax season (2025). 2024.
“It is important for taxpayers to understand why they are receiving Form 1099-K and then combine it with their (financial) records to try to determine the correct return on their tax return,” the IRS said.
Form 1095-A with Health Insurance Marketplace Report
This specific form, if applicable, claims the prepayment and premium tax credit for health insurance purchased through the health insurance marketplace created by the Affordable Care Act. The IRS explains that this credit helps eligible individuals and families offset their health insurance premiums.
“To claim this credit, you must meet certain requirements and file a tax return using Form 8962, Premium Tax Credit,” the IRS says.
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