2024 tax filing: How to Direct File, 1099-K reportings, and other things to know

Another tax filing season is upon us. The IRS announced Monday, Jan. 27, as the official beginning of the tax filing season. 

Here are other key dates and important things to know about this year’s filings: 

Direct File open in 25 states

Direct File is a web-based service that works on mobile phones, laptops, tablets or desktop computers. It guides taxpayers through a series of questions to prepare their federal tax return step-by-step. 

Direct File is open now to eligible taxpayers in 25 states to file their taxes directly with the IRS for free.

States include: Alaska, Arizona, California, Connecticut, Florida, Idaho, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Washington, Wisconsin and Wyoming.

For more information or to check your eligibility, visit directfile.irs.gov. 

IRS Free File

IRS Free File is also available, which offers free tax preparation software from eight companies in the public-private partnership between the IRS and Free File Inc. 

2024 Child Tax Credit

For 2024, the Child Tax Credit is worth up to $2,000 for each qualifying child. A child must be under age 17 at the end of 2024 to be a qualifying child.

Find more info from the IRS here. 

1099-K forms

If you’re a freelancer or gig worker who receives payments via apps like Venmo, Cash App or PayPal, your tax reporting requirements will change for the 2024 tax year. 

The law will not affect the amount of taxes owed, but it will change how you report income with 1099-K forms.

Those who received more than $5,000 in payments for goods and services through an online marketplace or payment app in 2024 should expect to receive a Form 1099-K PDF in January 2025. A copy of this form will be sent to the IRS as well.

The 1099-K reporting threshold will eventually decrease to $600. 

Of note, workers who use Zelle to receive payments are responsible for reporting taxable income to the IRS, as Zelle operates under a different payment network and will not be supplying 1099-K forms.

When do tax refunds come?

Timeline:

Several factors can influence the timing of a refund after the IRS receives your tax return. 

Most refunds are issued in less than 21 days, but the IRS advises taxpayers not to depend on the refund for major purchases or bills. 

Filing electronically and selecting direct deposit remains the fastest and safest way for taxpayers to receive their 2024 tax refunds, according to the IRS. 

Taxpayers can check a refund's status by using the Where's My Refund? Tool online. 

Tax filing deadline

Timeline:

The last day you can file your 2024 taxes without requesting an extension is Tuesday, April 15, 2025. 

Some taxpayers affected by recent natural disasters get extra time to file. For example, victims in parts of Virginia that were affected by Hurricane Helene beginning Sept. 25, 2024 have until May 1, 2025 to file their federal tax returns.

RELATED: 2025 tax brackets: Key changes to know as filing season approaches

New 2025 tax brackets

By the numbers:

Tax brackets for single individuals:

The IRS is increasing its tax brackets by about 2.75% for both individual and married filers across various income levels in tax year 2025:

• 10%: Taxable income up to $11,925
• 12%: Taxable income over $11,925
• 22%: Taxable income over $48,475
• 24%: Taxable income over $103,350
• 32%: Taxable income over $197,300
• 35%: Taxable income over $250,525
• 37%: Taxable income over $626,350

Tax brackets for joint filers:

• 10%: Taxable income up to $23,850
• 12%: Taxable income over $23,850
• 22%: Taxable income over $96,950
• 24%: Taxable income over $206,700
• 32%: Taxable income over $394,600
• 35%: Taxable income over $501,050

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