Why you should wait until Jan. 29th to file your tax return

IRS Tax Return 1040: A form used by individuals to report their annual income and calculate their tax liability.

CPA and YouTuber ClearValue Tax has presented a list of valid reasons why Americans, especially those with children, should consider delaying the filing of their tax returns with the IRS until after Jan. 29. Currently, there are political efforts to retroactively alter tax regulations for the 2023 tax year through an upcoming bill. Filing before Jan. 29 might result in missing out on potential additional funds, which could only be accessed through a tax amendment later on. The CPA, who is the first to provide these figures to the media, personally stayed up all night to calculate them.

The three groups of people and their qualifications:

  • People without children or qualifying dependants
  • People with children who qualify
  • People with children who may or may not qualify

The six applicable scenarios for people who should consider waiting to file:

  • Married, with 1 child or qualifying dependent and make $45,000 or under combined
  • Married, with 2 children or qualifying dependents and make a combined $63,000 or less
  • Married, with 3 children or qualifying dependents and make a combined $79,000 or less
  • Not married with 1 child or qualifying dependent and make $38,000 or less
  • Not married with 2 children or qualifying dependents and make $55,000 or less
  • Not married with 3 children or qualifying dependents and $71,000 or less

For individuals falling into these categories, waiting until Jan. 29 or later makes sense, as the passage of the bill could lead to additional funds for eligible taxpayers. However, it’s important to note that the proposed changes are still under discussion, and the mentioned income ranges may be subject to change.

2024 IRS tax refund schedule

If you have found a spelling error, please, notify us by selecting that text and tap on selected text.

Total
0
Shares
Related Posts
Total
0
Share

Spelling error report

The following text will be sent to our editors: