The tax year you file for in 2024 is 2023

When you file taxes in 2024, you are reporting income and deductions for the year 2023. The calendar year runs January 1 through December 31, so your 2023 tax return covers all income you earned and expenses you paid between those dates. You file this return in 2024 — typically between January and April 15.

This timing confuses many people because the year on your return does not match the year you submit it. The IRS calls the year your return covers the tax year, and the year you file it the filing year. They are always one year apart for most individual filers.

If you are self-employed or own a business, your tax year might not be the calendar year. Some businesses use a fiscal year that ends on a different date — for example, June 30 or September 30. If that is your situation, you would file a return for your fiscal year 2023, which might end in mid-2023 or mid-2024 depending on when your fiscal year starts. Most individual filers, however, use the calendar year.

Key Takeaways

  • Your 2024 tax return reports income and deductions from January 1 through December 31, 2023.
  • The tax year (2023) is always one year behind the filing year (2024) for calendar-year filers.
  • You must file your 2023 return by April 15, 2024, unless you request an extension or have a different important date.
  • Self-employed people and business owners may use a fiscal year instead of the calendar year, which changes when they file.
  • W-2 forms from your employer and 1099 forms from other income sources will show tax year 2023.

What documents show the 2023 tax year

Every document you receive for tax filing will be labeled with tax year 2023. Your employer sends a W-2 form showing wages you earned in 2023. Banks and investment firms send 1099 forms (1099-INT for interest, 1099-DIV for dividends, 1099-B for investment sales, and others) reporting 2023 income. If you are self-employed, you track 2023 income and expenses yourself.

These forms arrive between late January and early February. The IRS requires employers and financial institutions to send them by January 31. Do not file your return until you have received all the forms that explore to you. If a form arrives after you file, you may need to file an amended return.

Mortgage interest statements, property tax records, charitable donation receipts, and medical expense documentation should also be dated 2023 if you paid them in 2023. Keep these records together with your forms so you have everything you need when you sit down to file.

The April 15, 2024 filing important date

April 15, 2024 is the important date to file your 2023 tax return. This date applies to most individual filers who use the calendar year. If April 15 falls on a weekend or holiday, the important date moves to the next business day — in 2024, April 15 is a Monday, so the important date is April 15.

You can file earlier than April 15 if you have all your documents and are ready. Many people file in February or early March. Filing early means you receive any refund sooner, since the IRS processes returns in the order they arrive.

If you cannot file by April 15, you can request an extension from the IRS. An extension gives you until October 15, 2024 to file your return. Requesting an extension does not extend the important date to pay taxes you owe — you still owe payment by April 15 even if you file late. The extension only delays filing the actual return form.

How to know if you need to file at all

Not everyone is required to file a 2023 tax return. The IRS sets income thresholds that depend on your age, filing status, and type of income. If your income falls below the threshold for your situation, you do not have to file. However, filing anyway can be worthwhile if you had taxes withheld from paychecks or made estimated tax payments — you would receive a refund.

If you are claimed as a dependent on someone else's return, the income threshold is lower. A dependent with any earned income (wages from a job) must file if that income exceeds a certain amount. A dependent with only unearned income (interest, dividends, capital gains) has a different, usually lower threshold.

Self-employed people must file if their net earnings from self-employment are $400 or more, regardless of other income. This rule applies even if your total income is below the standard threshold.

What happens if you file late

If you miss the April 15 important date without requesting an extension, the IRS charges a failure-to-file penalty. This penalty is usually 5 percent of the unpaid tax for each month or part of a month that the return is late, up to 25 percent. The penalty is smaller if you file within 60 days of the important date.

If you owe taxes and do not pay by April 15, you also owe a failure-to-pay penalty and interest on the unpaid amount. Interest accrues daily from April 15 until you pay. These penalties and interest charges add up quickly, so paying on time or requesting an extension before the important date is important.

If you are owed a refund, there is no penalty for filing late. However, you cannot receive your refund until you file. The IRS does not send refunds automatically — you must submit your return to claim one.

Amended returns and correcting mistakes

If you file your 2023 return and later discover a mistake, you can file an amended return using Form 1040-X. An amended return corrects errors on your original return — wrong income amounts, missed deductions, incorrect filing status, or other mistakes. You file the amended return for the same tax year (2023) even though you are submitting it in a later year.

You have three years from the original important date to file an amended return and claim a refund. For the 2023 tax year, that means you can file an amended return anytime through April 15, 2027. If you owe additional tax because of the correction, you should file the amended return as soon as you discover the error to minimize interest charges.

When you file an amended return, send it by mail — most tax software and the IRS do not accept amended returns electronically. Include a copy of your original return and clearly mark the form as amended.

Frequently Asked Questions

Can I file my 2023 tax return before January 31, 2024?

You can file before January 31, but the IRS will not process it until after that date. Most tax software will not let you file until you have received your W-2 and other income forms. Filing in early February, once you have all your documents, is the practical earliest time.

What if I did not receive a W-2 or 1099 form by February 15?

Contact your employer or the financial institution directly and ask them to send it. If they do not send it by February 28, you can file your return using your own records of the income and request a transcript from the IRS. You may need to file an amended return once the missing form arrives.

Do I need to file a 2023 return if I only had a small amount of income?

Only if your income exceeds the threshold for your age and filing status. Check the IRS website or your tax software for the current threshold. If you are below it, you do not have to file, but filing anyway to claim a refund is allowed.

What is the difference between a tax year and a calendar year?

The calendar year is January 1 through December 31. The tax year is the period your return covers — usually the calendar year, but sometimes a fiscal year for businesses. Most individual filers use the calendar year as their tax year.

Can I file my 2024 taxes in 2024, or do I have to wait until 2025?

You file your 2024 taxes in 2025, just as you file your 2023 taxes in 2024. Tax returns are always filed in the year after the tax year ends. You cannot file a 2024 return until January 2025 at the earliest.