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Must-Know IRS Changes Ahead of the 2024 Tax Season

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Must-Know IRS Changes Ahead of the 2024 Tax Season

Must-Know IRS Changes Ahead of the 2024 Tax Season

Must-Know IRS Changes , Ahead of the 2024 Tax Season.

GoBankingRates recently offered readers a guide to several significant changes the IRS has announced ahead of the upcoming 2024 tax season.

Here's everything , you need to know.

1.

Bigger standard deductions, For 2024, the IRS has bumped up the standard deduction to $13,850 for single filers and $27,700 for married couples filing jointly.

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2.

Modified tax brackets, In order to account for high inflation, the IRS has adjusted the 2024 income tax brackets.

For 2024, each income bracket's threshold has been increased slightly to potentially reduce the overall tax rate and lower the amount people owe.

For 2024, each income bracket's threshold has been increased slightly to potentially reduce the overall tax rate and lower the amount people owe.

3.

1099-K Changes, These changes will impact many freelancers, gig workers and small business owners.

GoBankingRates suggests that anyone receiving one of these forms should pay close attention to make sure they accurately report their income.

4.

Retirement Plan Contributions, In 2024, taxpayers should note changes to contribution limits for Roth IRAs, traditional IRAs and 401(k) plans.

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5.

Specific Roth and 401(k) Changes, These modifications include income limits for eligibility, withdrawal restrictions or loan provisions.

GoBankingRates points out that these changes could significantly impact taxpayers' retirement planning strategies.

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The changes could specifically impact the plans of those nearer to retirement or anyone looking to make an early withdrawal


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IRS Says Deadline Approaching For Over $1 Billion in 2020 Tax Refunds [Video]

IRS Says Deadline Approaching For Over $1 Billion in 2020 Tax Refunds

IRS Says Deadline Approaching , For Over $1 Billion , in 2020 Tax Refunds. NBC reports that the Internal Revenue Service has alerted anyone who didn't file a tax return at the height of the pandemic that they may be eligible for a refund. According to the IRS, over $1 billion in unclaimed refunds for 2020 are waiting to be claimed. . Due to the COVID-19 pandemic, U.S. taxpayers got an extension on the normal three-year filing window. . The new due date is now May 17, 2024, meaning the last chance for taxpayers to claim their 2020 refund is looming. . There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns, Danny Werfel, IRS Commissioner, via NBC. There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns, Danny Werfel, IRS Commissioner, via NBC. We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds. There’s a May 17 deadline to file these returns so taxpayers should start soon to make sure they don’t miss out, Danny Werfel, IRS Commissioner, via NBC. According to IRS estimates, , the median refund , for 2020 was $932. . People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns, Danny Werfel, IRS Commissioner, via NBC. People may have just overlooked these, including students, part-time workers and others. Some people may not realize they may be owed a refund. We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline, Danny Werfel, IRS Commissioner, via NBC. People may have just overlooked these, including students, part-time workers and others. Some people may not realize they may be owed a refund. We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline, Danny Werfel, IRS Commissioner, via NBC. NBC reports that the IRS noted that 2020 tax refunds could be withheld if the taxpayer also failed to file returns in 2021 or 2022

Credit: Wibbitz Top Stories    Duration: 01:31Published

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