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Saturday May 4, 2024

Washington News

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Online Tools for Convenient Tax Filing

On January 4, 2024, the Internal Revenue Service (IRS) highlighted the online tools that enable taxpayers to file their 2023 Federal income tax returns. The IRS has published several reminders that are designed to make filing easier for this season.

1. Interactive Tax Assistant — The Interactive Tax Assistant (ITA) is designed to allow taxpayers to ask common tax law questions and receive helpful answers. Typical questions include who is required to file a tax return, what is the best filing status to use, how to qualify to claim a dependent and whether one should claim certain credits or deductions. The ITA can answer most of the questions that individuals have for filing typical tax returns.

2. Earned Income Tax Credit Assistant — The Earned Income Tax Credit (EITC) is designed to provide moderate-income workers and families with a tax benefit. The EITC may help some taxpayers reduce their tax or provide a larger refund for others. Individuals can use the EITC Assistant to determine eligibility for the credit, understand who is considered a qualifying child or other relative, estimate the amount of the credit and select the correct filing status.

3. Where's My Refund? — After filing a tax return, the majority of taxpayers will qualify for a refund. The IRS attempts to issue refunds within 21 days for those who file electronically. The "Where's My Refund?" tool is available the day after e-filing. If filing a paper tax return, it may take four weeks before the information is available. This convenient tool enables taxpayers to understand the status of their 2023 income tax refund.

4. IRS Individual Online Account — Taxpayers with a Social Security number or an Individual Taxpayer Identification Number are able to create and access an IRS Individual Online Account. This may help by showing any tax balance owed and payment history. Taxpayers can schedule payments, obtain tax transcripts, view or create payment plans and view important data from prior tax returns, such as adjusted gross income. If a tax professional submits a power of attorney, individuals can electronically sign that in the account.

5. Identity Protection PIN — An Identity Protection (IP) PIN is a six-digit code known only to the taxpayer and the IRS. By using an IP PIN together with a Social Security number or Individual Taxpayer Identification Number, taxpayers will have a more secure tax filing experience. The IP PIN tool will be available from January 8 through mid-November. Taxpayers can register and obtain the IP PIN on IRS.gov.

Published January 5, 2024
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