The IRS has released the calendar for the new tax season: when will they begin accepting returns for 2023?

The IRS will begin accepting and processing 2023 tax returns on January 29, says Money.

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The IRS reported in press release Jan. 8, which expects to receive more than 128 million individual income tax returns by the April 15 deadline. Thanks to a massive infusion of cash from the Inflation Reduction Act of 2022, the agency promised that taxpayers will continue to see improved customer service during the 2024 filing season.

“IRS staff are working diligently to ensure that new funding is used to help taxpayers simplify the process of preparing and filing their tax returns,” IRS official Danny Werfel said in a press release.

What will improve

These plans include enhanced personal services to assist taxpayers. Wait times on the IRS hotline will be much shorter, and with improved paperless processing, taxpayers will be able to file more documents digitally.

They can count on the system to improve Where's my refund? And, most importantly, the new Direct File tax filing service will allow eligible taxpayers in some states to file their tax returns directly with the IRS for free.

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The agency is undergoing a major transformation after several difficult years due to its aging infrastructure, as well as COVID-19, processing center closures, high staff turnover and massive backlogs. These are just a few of the list of problems.

The Inflation Reduction Act initially increased the agency's budget by $80 billion over the next decade. But deals struck between Republicans and President Joe Biden withdrew more than $21 billion of that funding.

How early can you file your tax return?

You can file your taxes at any time as long as you have the correct tax forms. Many tax preparation services have already implemented their software for the 2024 tax filing season. For example, Intuit, which owns TurboTax, and TaxSlayer launched their 2023 tax services in November.

However, the IRS will not begin processing returns until January 29th. If you file your return before this date, your tax preparer will simply hold it until then.

It is important to note that you may not have received all the required documents yet. Before you begin, you'll need to make sure you have forms like the W-2 or 1099-NEC, which will be sent out by the end of January.

IRS Income Limit for Free File for 2024

The IRS Free File program, which allows eligible taxpayers to file tax returns for free using participating proprietary software, opens for tax preparation on January 12. The income limit to qualify for this service will be up to $79 in 000, up from $2023 in 73.

According to the IRS, many taxpayers will be able to file their returns for free through the IRS Direct File pilot program, which will be rolled out gradually as final testing is completed. The agency expects the program to become widely available in mid-March to eligible taxpayers in 13 participating states.

Eligibility depends on location, income, and your tax credits and deductions. If you don't have a simple tax return, you likely won't be able to use Direct File.

Initially, Direct File will only accept individual federal tax returns, but if you want to file a state tax return after filing your federal tax return, Direct File will redirect you to a state-supported tool that will allow you to do so. Arizona, California, Massachusetts and New York have agreed to integrate their state taxes into the pilot program. You are eligible if you live in one of the nine states that do not have an income tax.

When to pay taxes in 2024

For most taxpayers, the tax return filing deadline is Monday, April 15th of this year.

If you live in Maine or Massachusetts, the deadline is April 17 due to the holidays. You may have additional time to file if you live in a federally declared disaster area.

You can submit Form 4868 to request an extension electronically through Free File, which will push your deadline back to October 15th.

How long will it take to get your tax refund in 2024?

The IRS typically issues tax refunds to most taxpayers within 21 days. If your return is more complex or you file on paper, it will take a little longer. The agency will not be able to send refunds for returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February.

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The fastest way to receive your refund is to submit your claim electronically and select Direct Deposit as your shipping method. You can check the status of your tax refund through the agency section Where's my refund? This tool on IRS.gov or the IRS2Go app will ask for your Social Security number or taxpayer identification number, filing status, and refund amount.

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