The IRS will begin accepting and processing 2023 federal tax returns on Jan. 29. However, that doesn’t necessarily mean you need to wait until that date to file. Some taxpayers can file their federal returns as early as today. Others might need to wait until February. So, when should you file?
Here’s what you need to know.
Earliest day to file taxes 2024
Some tax preparation companies, such as Intuit’s TurboTax, will let you submit your federal tax return now, even though the IRS isn't yet accepting tax returns.
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You’ll still need to wait until Jan. 29 for the IRS to receive your return, but if you’re ready for tax season, submitting your return now might place yours at the front of the line. Just make sure you have all your year-end documents before you hit submit.
Note: Also, Congress is currently negotiating a funding deal, which could include a new child tax credit. If you claim the child tax credit, the anticipated changes could impact you. Any tax changes are expected to occur before Jan. 29 and would apply to this tax filing season.
What documents do you need to file taxes? You’ll need all your 2023 income statements, such as W-2s and 1099s. However, some taxpayers will need additional documents.
For example, if you plan to claim the mortgage interest deduction, you’ll need to wait for your Form 1098. And if you did any freelance work, you’ll want to organize all your receipts for business expenses.
(Note: Employers have until Jan. 31 to distribute W-2s, which means you might not receive yours in the mail until early February.)
IRS Free File
The IRS Free File program opened Jan. 12. Eligible taxpayers can file their federal returns for free using guided tax preparation software.
- Your AGI must be $73,000 or less to take advantage of free guided tax preparation.
- Free guided tax preparation is done through one of the IRS’ tax preparation partners.
- If you do not qualify for IRS Free File, you can download and use fillable forms to file your taxes.
Free Fillable Forms closes after Oct. 21, 2023, and accounts are deleted at that time. So, you may want to keep copies of your tax documents elsewhere if you choose this option.
2024 tax filing season
The IRS has made numerous changes for the 2024 tax season, including expanding its use of chatbots to improve customer service and using AI to identify possible tax violations involving high-income taxpayers. The improvements are meant to help restore fairness to the tax system and to speed tax return processing.
These IRS enhancements could mean that some taxpayers will receive their federal tax refunds earlier this year. However, if you claim the earned income tax credit (EITC) or the refundable portion of the 2023 child tax credit (sometimes called the additional child tax credit), the IRS cannot release your refund until mid-February, regardless of how early you file.
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