As the end of the year approaches, many people are already looking forward to tax season, including tax refund time.
Before filing, it's important to know when important documents like W-2s will be available and the filing deadlines.
Here's what you can expect when preparing your 2024 taxes.
When can I get my W-2?
Employers are required by law to provide W-2 forms to employees by the end of January. It's an IRS document that shows how much you earned and how much was deducted from your paycheck for things like medical insurance premiums and income taxes.
Paper W-2s must be mailed or physically delivered by January 31st. This means that if you mail it on the last day, it may arrive several days later.
If electronic delivery is selected, employers must ensure that the form is accessible and downloadable by January 31st.
When is tax due?
Tax day is always April 15th…unless it is.
Last year, tax returns were due April 16 because April 15 was Emancipation Day, a legal holiday in Washington, D.C.
For 2024 taxes, the filing deadline returns to April 15th.
When will the IRS start accepting tax returns?
You can start preparing your tax return as soon as you get your W-2, but you should start collecting other tax documents sooner.
The IRS typically doesn't start accepting returns until the last few days of January. Returns will be accepted starting January 29, 2024. The start date for 2025 is scheduled to be January 27th.
Where can I find my refund?
How quickly you can receive your tax refund depends on how you filed your tax liability, if any.
If you apply electronically and choose direct deposit, please allow approximately 3 weeks for your refund to be processed and shipped.
Those who use paper files will wait longer to receive their money.
If you have borrowed money, the deadline to return it is April 15th.
You can check Online refund status.
How much is the refund?
Completing your tax return allows you and the government to determine whether you paid too much or too little in the previous year.
If you do not have enough tax withheld, you will be responsible for paying the difference.
Refunds are paid when a taxpayer has had too much tax withheld from their paycheck during the year.
Taxpayers who borrowed money on their 2023 returns paid an average of just over $5,200 in 2024. According to IRS data.
Far more people paid too much in taxes and needed to get a refund.
The average refund amount last year was more than $3,200, according to IRS data.
For people with incomes up to $10,000, the average refund amount was more than $3,800. Those who earned up to $20,000 got back an average of just under $600.
