Tax season is here
WASHINGTON ― The Internal Revenue Service successfully opened the 2020 tax filing season this week as the agency begins accepting and processing federal tax returns for tax year 2019.
The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the April 15 tax deadline.
The IRS expects about 90 percent of individuals to file their returns electronically. Filing electronically and choosing direct deposit remains the fastest and safest way to file an accurate income tax return and receive a refund.
“The IRS reminds taxpayers there are many options to get help,” said IRS Commissioner Chuck Rettig. “Our website has around the clock information available and is the fastest way to get assistance.
While all taxpayers file Form 1040, taxpayers born before Jan. 2, 1955, have an additional option to use new Form 1040-SR, U.S. Tax Return for Seniors. Taxpayers age 65 or older will have the option to use this new form – either filing electronically or mailing a paper return − when they file their 2019 federal income tax return in 2020. Form 1040-SR generally mirrors Form 1040.
Form 1040-SR allows income reporting from certain other sources such as investment income, Social Security, and distributions from qualified retirement plans, annuities or similar deferred-payment arrangements to eligible taxpayers over age 65. Taxpayers 65 and older have the option to file Form 1040-SR whether they are working, not working or retired.
The IRS strongly encourages people to file their tax returns electronically and choose direct deposit for faster refunds. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.
The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $56,000 or less, persons with disabilities and limited English-speaking taxpayers who need help preparing their own tax returns.
The IRS also reminds taxpayers that a trusted tax professional can prepare their tax return and provide helpful information and advice. Tips for choosing a return preparer and details about national tax professional groups are available on Irs.gov.
La Semana will continue publishing tax tips throughout the tax season.