- The IRS will start accepting and processing 2023 tax returns for individual filers on Jan. 29.
- Most taxpayers must file federal returns and pay balances by April 15 to avoid penalties and interest.
The tax season officially kicks off Jan. 29, which marks the first day the IRS will accept and process 2023 tax returns, the IRS announced Monday.
WATCH ANYTIME FOR FREE
Stream NBC10 Boston news for free, 24/7, wherever you are. |
Most taxpayers must file federal returns and pay balances by April 15 to avoid penalties and interest. But the agency urges taxpayers to begin the filing process sooner.
IRS Free File, which offers free guided tax prep through software partners, will open Jan. 12 and will hold returns until they can be filed with the IRS. Taxpayers may qualify with an adjusted gross income of $79,000 or less for 2023.
Get updates on what's happening in Boston to your inbox. Sign up for our News Headlines newsletter.
Meanwhile, the IRS Direct File pilot, which will allow free online filing through the agency, will roll out in phases with wide availability expected by mid-March for eligible taxpayers in participating states.
More from Personal Finance:
It's time to boost 401(k) plan contributions for 2024
Here are 4 options for short-term savings in 2024
56 million Americans have been in credit card debt for at least a year
"As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season," IRS Commissioner Danny Werfel said in a statement. "IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier."
Money Report
The IRS expects to receive more than 128.7 million individual tax returns by the federal deadline. As of Dec. 29, the average refund for 2023 was $3,167.
Don't miss these stories from CNBC PRO:
- There's one stock Wall Street loves so much for 2024 that five analysts in one day picked it as their favorite
- Morgan Stanley names its top stocks for 2024, including this streaming giant
- Investing tips from Warren Buffett to start the new year on the right foot
- Goldman sees a 50% gain ahead for this Chinese electric vehicle stock, initiates with buy rating
- 'Twice as cheap': These stocks' discount to the S&P 500 is double its average, Ritholtz's Brown says