Filing Season Updates Department of Taxes

A Roth IRA is a special individual retirement account in which you pay taxes on contributions, and then all future withdrawals are tax-free. According to the IRS, a taxpayer with gross income of more than $12,950 will have to pay federal tax.

By clicking ‘Continue’, you will leave our website and enter a site specific to making your loan payment via a debit card or electronic check. In the event of a lost or stolen card, contact us anytime day or night to avoid fraud. By collecting the above information, you’ll lower your tax burden and may even increase the size of your refund check. US Mastercard Zero Liability does not apply to commercial accounts . Conditions and exceptions apply – see your Cardholder Agreement for details about reporting lost or stolen cards and liability for unauthorized transactions. See Online and Mobile Banking Agreement for details. Enrolled Agents do not provide legal representation; signed Power of Attorney required.

Protecting Yourself From Tax Season Scams

Let an expert do your taxes for you, start to finish with TurboTax Live Full Service. Or you can get your taxes done right, with experts by your side with TurboTax Live tax season Assisted. Just answer simple questions, and we’ll guide you through filing your taxes with confidence. Whichever way you choose, get your maximum refund guaranteed.

• There are several other important tax deadlines you should know for 2023.
• In general, the sooner you can file your tax return toward the start of tax season, the sooner you’ll get your refund.
• If your coverage is terminated because you did not pay your monthly bills, the Internal Revenue Service may hold you responsible for the tax credit you received during the first month you stopped paying.
• The letter instructs you to go to myVTax, selectReturn filing verification,and enter the verification code included on the letter.
• It’s in your best interest to start tax preparation before that deadline.

If you misplaced your 1095-A or it never arrived in the mail, you can also download the statement bylogging into your secure accountand clicking on the ‘My notices and announcements’ tab. The money for the Colorado Tax Rebate comes from Colorado’s record-high state budget surplus.

Steps to Take Now to Get a Jump on Your Taxes

When they have all of their documentation, taxpayers are in the best position to file an accurate return and avoid processing delays or refund or IRS letters. All income, including income from part-time work, side jobs or the sale of goods, remains taxable.

Now, a single transaction exceeding $600 may require the third-party platform to issue a 1099-K. Money received through third-party payment networks from friends and family as personal gifts or reimbursements for personal expenses is not taxable. Taxpayers must receive Form 1099-K, Third Party Payment Card and Network Transactions, by January 31, 2023, if they received payments from third parties in tax year 2022 for goods and services that exceeded $600. During the 2017 tax season, Kentucky’s anti-fraud measures helped save over $33 million from being stolen by potential fraudsters. While 2017 was a difficult year for data breaches, as multiple large businesses and institutions have had security issues, Kentucky is committed to information safety. All features, services, support, prices, offers, terms and conditions are subject to change without notice. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice.

Steps you can take now to make tax filing easier in 2023

It can determine if a type of income is taxable, if you’re eligible to claim certain credits, or if you can deduct expenses on your tax return. It also provides answers for general questions, such as determining your filing status, if you can claim dependents, or if you have to file a tax return. If you’re comfortable preparing your own taxes, you can useFree File Fillable Forms, regardless of your income, to file your tax returns either by mail or online. This means that taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Changes include amounts for theChild Tax Credit , theEarned Income Tax Credit and the Child and Dependent Care Credit will revert to pre-COVID levels. Use online account to securely access the latest information available about your federal tax account and see information from your most recently filed tax return. The IRS continues to reduce the inventory of prior-year individual tax returns that have not been fully processed.

If you receive a request for more information, your refund will take longer to process. However, you can respond to most letters online, quickly and easily. In the meantime, remember to share any news from 2022 that may affect your tax liability. If you got married, had a baby, or started a new job, it can mean good things for you at tax time. Let us and your employer know about these and other life events using Form IT-2104, Employee’s Withholding Allowance Certificate. It’s a powerful tool for managing what comes out of your gross pay.

Examples of Tax Season in a sentence

If your coverage is terminated because you did not pay your monthly bills, the Internal Revenue Service may hold you responsible for the tax credit you received during the first month you stopped paying. You may have to pay those tax credits back when you file your taxes. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds – as well having all the information they need to file an accurate return to avoid delays.

DOR reminds all taxpayers to file early and electronically. “We urge all taxpayers to e-file their returns; it is the most efficient way to file and will greatly assist in getting the refund much faster,” Bork stated.