The IRS has announced that the filing season for 2024 tax returns started on Monday, January 27. The IRS is now accepting tax returns for processing and has begun preparing and issuing refunds. Except in regions where the IRS has issued deadline extensions due to federal disaster declarations, 2024 individual tax returns must be filed by April 15, 2025. After January 27, people who have filed their 2024 returns will be able to use the IRS Where’s My Refund portal to check the status of their tax refunds. For most returns filed electronically, status updates will become available within 24 hours after filing. For paper returns, it can take up to four weeks for the portal to provide refund status information. The IRS issues most tax refunds within 21 days after processing the return. However, refunds related to the Earned Income Tax Credit cannot be issued before mid-February. IRS Refund Status Portal: Where’s My Refund.

People affected by major disasters may be eligible for expanded access to their retirement accounts to help with the difficult recovery process. You may qualify for this program if your main residence is in a federally declared disaster area and you experience impacts like displacement from your home, loss of income, or destruction or loss of property. Eligible people may withdraw up to $22,000 from an IRA or other qualified retirement plan regardless of their age, without facing a 10% early withdrawal penalty. They may either repay the withdrawn amount within three years and owe no tax on it or divide it equally across three years of tax returns to reduce tax impacts. Retirement plans may also offer increased loan limits and delayed repayment options to qualified account holders.

A summary of important tax deadlines for February, March, and April, including deadlines for tax returns, estimated payments, and business filings. February 10: Employees Who Work for Tips – If you received $20 or more in tips during January, report them to your employer. February 18: Individuals – If you claimed exemption from income tax withholding last year on Form W-4, you must file a new Form W-4 to continue your exemption for another year. Businesses must also give annual information statements to recipients of certain payments made during 2024. February 28: Businesses – File information returns for payments made in 2024. Some deadlines extend to March 31 if filed electronically. See the full article for more detailed deadlines.