Haven't filed your taxes yet? Here's what to know before the 2024 Tax Day deadline

Daniel de Visé, USA TODAY

Updated Mon, Apr 15, 2024, 8:17 AM6 min read

Tax season 2024 is nearly over. Many of us have already filed returns. Some of us are putting it off.

Here are answers to common questions that crop up as you prepare your return:

When is the tax deadline in 2024?

April 15. Tax Day always falls on that date, unless April 15 falls on a weekend or holiday. This year, it comes on that darkest of days, a Monday.

Does the IRS offer free tax preparation?

Yes. Select taxpayers in some states are able to prepare and file their 2023 federal income taxes online directly to the IRS through the Direct File pilot. And the IRS Free File program offers free filing to taxpayers with limited income.

Tax Day 2024 live updates: What to know about extensions, free file, deadlines and refunds

The agency anticipates that hundreds of thousands of taxpayers, at least, will join the pilot, which will be available to individuals but not to businesses.

"At first, the Direct File pilot will only be open to a small group of taxpayers," the agency says on its Direct File page. "(We) will open the Direct File pilot to more people later in the filing season to file their 2023 tax returns."

Initially, the pilot was available to eligible taxpayers in these states: Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington state, and Wyoming.

What are the new income tax brackets?

Income tax brackets jumped by 7% for 2023. Income tax is progressive: the more you earn, the more you pay as a percentage of your earnings. Each bracket represents a range of incomes subject to a particular income tax rate. Tax brackets rose again in 2024.

Here are the 2023 tax brackets:

For individual filers:

? 37% for incomes over $578,125.

? 35% for incomes over $231,250.

? 32% for incomes over $182,100.

? 24% for incomes over $95,375.

? 22% for incomes over $44,725.

? 12% for incomes over $11,000.

? 10% for income below $11,000.

For married couples filing jointly:

? 37% for income greater than $693,750.

? 35% for incomes over $462,500.

? 32% for incomes over $364,200.

? 24% for incomes over $190,750.

? 22% for incomes over $89,450.

? 12% for incomes over $22,000.

? 10% for income below $22,000.

And what about the 2024 tax brackets?

For the top individual tax bracket, the 2024 income threshold was raised from $578,126 to $609,351. This means that more than $30,000 in individual income will be taxed at 35% instead of 37%.

Here are the other 2024 tax brackets for individual filers:

35% for incomes over $243,725.
32% for incomes over $191,950.
24% for incomes over $100,525.
22% for incomes over $47,150.
12% for incomes over $11,600.
10% for income below $11,600.

And here are the 2024 tax brackets for married couples filing joint returns:

37% for income greater than $731,200.
35% for incomes over $487,450.
32% for incomes over $383,900.
24% for incomes over $201,050.
22% for incomes over $94,300.
12% for incomes over $23,200.
10% for income below $23,200.

What is the new standard deduction?

The standard deduction for 2023 was $13,850 for individuals and $27,700 for married couples filing jointly. For 2024, it increased to $14,600 for individuals, $29,200 for married couples filing jointly.

What is the standard deduction for seniors?

People over 65 qualify for an additional standard deduction. For 2023, it’s $1,850 if you are single or filing as a head of household, and $1,500 for married taxpayers. For 2024, the figures rise to $1,950 and $1,550, respectively.

Have itemized deductions changed?

Itemized deductions “mostly remain the same” in 2023, according to Charles Schwab. A few specifics:

? State and local taxes: Taxpayers who itemize may deduct up to $10,000 in property, sales, or income taxes they have already paid to local or state governments.

? Mortgage interest: You can generally deduct interest paid on the first $750,000 of mortgage debt, according to NerdWallet. People who bought a house before Dec. 16, 2017, may deduct interest on the first $1 million.

? Medical expenses: You may deduct only medical and dental expenses that exceed 7.5% of your adjusted gross income.

What is the Social Security tax limit for 2024?

There's a limit to how much of your earnings are taxed by the Social Security Administration, at a rate of 6.2%. (Self-employed workers pay 12.4%.)

In 2023, wages beyond $160,200 were not taxed for Social Security. In 2024, the limit rose to $168,600.

When you reach the Social Security tax limit, you get to keep that much more of your earnings.

What are the new IRA and 401(k) contribution limits?

Employees who participate in company retirement plans could generally contribute $22,500 to their 401(k) in 2023, up from $20,500 in 2022. Those who didn’t participate in an employer-sponsored plan could contribute $6,500 to an individual retirement account (IRA). People 50 and older have higher limits.

For 2024, the limits rise to $23,000 and $7,000.

What is the new health savings account (HSA) contribution limit?

HSA contribution limits were $3,850 for individual coverage and $7,750 for family coverage in 2023, according to Fidelity. In 2024, they rise to $4,150 and $8,300.

What is the income limit for child tax credits?

The 2023 child tax credit is worth up to $2,000 per qualifying dependent under age 17, according to NerdWallet. The income limit remains the same in 2024. The credit decreases if your modified adjusted gross income exceeds $200,000, or $400,000 for a married couple filing jointly.

What’s the difference between filing as single or head of household?

You can claim “Head of Household” status if you are single or unmarried and maintain a household that includes a child or relative. The status provides for a larger standard deduction and more generous tax rates, according to H&R Block.

More tax news: What is the tax extension deadline for 2024? Here's when

Where can I find a tax refund estimator?

TurboTax, H&R Block, NerdWallet and AARP all offer tax refund estimators.

When can I expect my refund?

In a month or less, in most cases. The IRS says it issues most refunds within 21 calendar days. Paper returns, however, can take four weeks or more. Allow for time for the refund check to reach your bank account or mailbox.

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