On Monday, January 29 of this year, the 2024 tax season began in the United States. As of this date, the Internal Revenue Service (IRS) is collecting declarations of tax obligations from the previous year.
The IRS advises that taxpayers look for receipts with dollars entered in 2023. The federal agency reported on its operating schedule and important documents Americans should review.
Starting January 12, Americans can check out the free file digital tool. Tax returns are free for users who earned less than $79,000.00 USD last year.
On January 29, the IRS began collecting individual tax returns. April 15 is the deadline to declare tax obligations or request an extension of this date.
Residents of Maine and Massachusetts have until April 17 to file their taxes or request an extension. October 15 is the last moment to send statements of citizens seeking extension of timetable.
Documents to be reviewed
Required documents for individuals to review include W-2 forms provided by employers. There are also government 1099-G forms for subsidies to unemployed workers.
Another form is the 1099-TV, which is designed for residents who receive profits from investments. Taxpayers with retirement plans or retirement accounts must complete Form 1099-R.
In addition, there are forms 1099-INT and MISC, which correspond to bank and other interest charges. Those who use financial apps and virtual businesses like Venmo, CashApp, Etsy or Ebay should look for the 1099-K form. Health Insurance Marketplace customers must use Forms 1095-A and 8962.
