The Internal Revenue Service (IRS) announced that the 2024 tax filing season begins on January 29th. This means that from this day on you will receive our tax returns with the taxes paid in the 2023 tax year.
We give you these IRS recommendations to help you prepare your return correctly and avoid making mistakes that could delay a potential refund. A first step is to collect all the documents showing what amounts you received in 2023 and check on what amounts taxes must be paid.
Here we show you important documents you may need to have on hand when preparing your return and give you the dates you should know:
Write down these important dates for the 2024 tax filing season
- January 12th: is when you open the IRS Free File tool, which allows taxpayers with income up to $79,000 in 2023 to file their tax return for free. The IRS recommends using this tool starting this date so that you have your tax return ready and the agency can process it once it begins accepting it on January 29th.
- January 29th: the day the IRS begins accepting individual tax returns for processing
- April 15: The last day to file your tax return or request an extension to file later in the year
- 17th April: Today is the deadline for taxpayers in Maine and Massachusetts to file their returns or request an extension.
- 15th October: the last day for those who correctly requested an extension to file their tax return
It is the form issued by an employer who paid you $600 or more in the 2023 tax year. He must do this even if he has not withheld any part of your income, Social Security or Medicare taxes, the IRS explains.
- 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, but are not limited to, government subsidies, unemployment benefits in the railway sector and disability benefits in lieu of unemployment compensation.
- You should receive the 1099-DIV if you received at least $10 in dividends on stocks you own in a company. You also need this form if you are part of a corporation and receive dividends from it, even if those funds are not paid directly to you.
- The 1099-R represents money distributed by retirement plans. You should receive this form if you received at least $10 in the 2023 tax year. These include, but are not limited to, pensions, retirement plans, and individual retirement accounts called IRAs.
- The 1099-MISC for other income and the 1099-INT if you received money of at least $10 for interest payments from a bank, brokerage firm or other financial institution.
The form for payments via apps like Venmo and CashAPP
This is Form 1099-K, which covers transactions made through a payment processing company (or a network known in English as a “third-party network”), i.e. “apps” such as Venmo and CashApp, and online stores such as Etsy or eBay.
Those who receive payments from their businesses (this does not include transfers from friends or family members that are not related to the payment of a product or service) must report to the IRS any funds received that exceed $20,000 or more than 200 transactions in 2023.
This means that for the second year in a row, the IRS has delayed the effective date of a rule requiring these forms when an individual receives $600 or more (even in a single transaction) in payments to their business through these forms. Apps or online shops.
“As the IRS continues to work to implement this new law, the agency will view 2023 as another transition year. This reduces the potential for possible confusion caused by distributing 1099-K forms to taxpayers who did not expect or may not have a tax liability,” the IRS said in a statement.
If you receive payments for your business through these “apps” or online companies, you should prepare to report them using these forms during next year's tax season (2025), when the IRS will request them from taxpayers filing in the received $5,000 or more for the entire year 2024.
“It is important for taxpayers to understand why they are receiving a Form 1099-K and then use it along with their (financial) records to attempt to determine their correct income on their tax return,” the IRS said.
Form 1095-A with the Health Insurance Marketplace Statement
This specific form reports, if applicable, prepayments for health insurance purchased through the Health Insurance Marketplace created by the Affordable Care Act that qualify for the premium tax credit. This credit helps eligible individuals and families cover their health insurance payments, the IRS explains.
“To receive this credit, you must meet certain requirements and file a tax return using Form 8962, Premium Tax Credit,” the IRS adds.
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