The April 15 federal tax-filing deadline is famous, but there are other key tax deadlines and important dates to know throughout the year.
Keep the following tax calendar in mind to help avoid penalties and take advantage of savings opportunities:
January 29: The IRS Starts Accepting 2023 Returns
The IRS begins accepting tax year 2023 returns on Jan. 29, 2024. Wait until you receive your W-2s, 1099s and other forms reporting earnings before filing your taxes. Employers and other payers must send most of these forms by Jan. 31, although brokerage firms have until Feb. 15 to send some 1099 forms.
[READ: What Is a 1099 Form and What Should I Do With It?]
You don’t need to wait until Jan. 29 to get started. IRS Free File has been available since Jan. 12 and many software companies will also accept electronic submissions early and hold them until the IRS begins processing returns.
The earlier you file your tax return, the sooner you can get a refund. You can check on the status of your refund using the IRS’s “Where’s My Refund?” tool. Filing your tax return early can also reduce the chances that an identity thief will claim your refund before you do.
[READ: The Benefits of Filing Taxes Early.]
April 1: Take Your First Required Minimum Distribution in Most Years
Most people 73 and older have to take required minimum distributions from their traditional IRAs , 401(k)s and other tax-deferred retirement plans by December 31 each year, but they can usually delay delay their first RMD until April 1 of the following year.
But those rules are tricky for the 2023 tax year because the Secure 2.0 law increased the RMD age from 72 to 73 starting that year. People who turned 72 in 2022 had until April 1, 2023, to take their first RMDs — before the age was increased — and then they had to take their age 73 RMD by December 31, 2023.
They don’t get to delay an RMD to April 1, 2024, because they already took their first required withdrawal, says Tim Steffen, director of advanced planning for wealth management firm Baird. However, people who turn age 73 in 2024 will have until April 1, 2025, to take their first RMDs, and from then on those who turn 73 have until April 1 of the following year to take their first ones.
There is one exception: If you’re still working at age 73 and own less than 5% of the company, you can delay taking your RMD from your current employer’s 401(k) or other eligible retirement plan while you’re working in that job. If you stopped working in 2023, you have until April 1, 2024, to take your first RMD from that employer’s retirement plan, Steffen says.
You’ll need to take your second RMD by December 31, 2024. You can delay taking RMDs past age 73 only from your current employer’s retirement plan; this rule doesn’t apply to IRAs.
Keep in mind that if you delay taking that first RMD to April 1 of the following year, you’ll also have to take your second RMD by December 31 of the same year, which could bump you into next income-tax bracket or make you subject to the Medicare high-income surcharge, depending on your other income.
[Related:Filing 2024 Taxes: What’s My Tax Bracket?]
Calculate the impact on your total tax liability before deciding whether to take two RMDs in the same year.
April 15: Federal Income Tax Returns Due
This is the first year in a while that federal income tax returns are actually due on the traditional filing day of April 15, since the deadline falls on a Monday rather than a weekend or holiday — except in two states.
“If you live in Maine or Massachusetts, you have until April 17 due to state holidays,” Steffen says. Some people in areas affected by natural disasters may also have a later deadline.
If you can’t make the deadline, you can file Form 4868 for an extension until Oct. 15.
“You may file an application for an automatic six-month extension to file,” Steffen says. “But this is not an extension to pay.” Even if you have until Oct. 15 to file your return, you need to estimate how much you owe and make a payment by April 15 — or else you could end up with a penalty.
“If taxpayers need more time to pay, they can apply for long and short-term payment plans provided by the IRS,” says Brittany Benson, lead tax research analyst at the Tax Institute at H&R Block. For more information, see the IRS’s Apply Online for a Payment Plan.
Most state income tax returns are due by April 15, too, but some have a different deadline — such as May 1 for Virginia. See your state department of revenue for the deadline in your state.
April 15: Deadline for 2023 IRA and HSA Contributions
You have until April 15, 2024, to contribute up to $6,500 to an IRA for 2023 (or $7,500 if you were 50 or older in 2023). You have a few options.
You can contribute to a traditional IRA, which grows tax-deferred and may be tax-deductible depending on your income and whether you are covered by a retirement plan at work.
Or you can contribute to a Roth IRA if your modified adjusted gross income was less than $153,000 in 2023 if you’re single, or less than $228,000 if married filing jointly. You won’t get a current tax break by contributing to the Roth, but you can withdraw the earnings tax-free after age 59 ½, as long as you’ve had a Roth IRA for at least five years.
If your spouse didn’t earn income in 2023 but you did, you can also contribute to a spousal IRA in his or her name, which can be either a traditional or Roth IRA.
You also have until April 15 to contribute to a 2023 HSA. To qualify, you must have had an HSA-eligible health insurance policy with a deductible of at least $1,500 for self-only coverage in 2023, or $3,000 for family coverage.
You can contribute up to $3,850 to the HSA if you had self-only coverage or $7,750 for family coverage — plus an extra $1,000 if you were 55 or older. If you only had an HSA-eligible policy for part of the year, your contributions may be pro-rated based on the number of months you had the eligible policy.
Contributing to an HSA can give you a triple tax break: Your contributions are tax deductible, they grow tax-deferred and you can withdraw them tax-free for eligible medical expenses in any year.
April 15: First Quarter Estimated Tax Payments Due
There’s also another deadline on April 15 — estimated tax payments for the first quarter of 2024.
If you earn income that isn’t subject to federal tax withholding — such as from self-employment, rental property or investments — you need to find another way to pay the IRS during the year. You can increase withholding from other income, such as if you have another job, or you can make quarterly tax payments.
“The IRS expects that you will make estimated tax payments if your tax due after credits and withholding taxes is $1,000 or more,” says Mary Kay Foss, a CPA in Carlsbad, California. Taxes are due as the money is earned, and you could end up with a penalty if you wait until you file your return to pay the full amount.
Estimate how much you owe in taxes for money you earned from Jan. 1 to March 31, 2024, that wasn’t subject to withholding. The worksheet in IRS Publication 505 can help. Then submit Form 1040-ES with your payment.
You don’t need to be precise, but you’ll want to pay enough to try to avoid an underpayment penalty. Benson says individuals that expect to owe at least $1,000 in tax for the current year and have a withholding less than the smaller of the following should consider filing quarterly taxes:
— 90% of the tax shown on the current tax return, or
— 100% of the tax shown on the prior year’s return.
June 17: Second Quarter Estimated Tax Payments Due
Your second estimated tax payment is due on June 17, 2024, which can be confusing since it’s just two months after the first quarter due date. This estimated payment is for taxes on money you earned from April 1 through May 31.
The deadline is usually June 15, but it’s June 17 in 2024 because that date falls on a weekend.
September 16: Third Quarter Estimated Taxes Due
The third estimated tax payment is due on Sept. 16, 2024. This is for taxes on money you earned from June 1 through Aug. 31.
The deadline is usually Sept. 15, but it’s Sept. 16 in 2024 that date falls on a weekend.
October 15: Extended Tax Returns Due for 2023
If you filed for an extension, your tax return will be due on Oct. 15. Remember: Money you owed was due on April 15 and you may have a penalty if you did not pay enough by that deadline. Estimate your tax bill when you file for the extension in April.
December 31: Required Minimum Distributions Due
You have to take required minimum distributions from your tax-deferred retirement savings accounts — such as traditional IRAs and 401(k)s — every year starting at age 73.
The amount you must withdraw is based on the life expectancy table for your age and the balance in your account by December 31 of the previous year. Most people can use Table III, the uniform lifetime table, in the appendix of IRS Publication 590-B to calculate the required amount. Your retirement plan administrator can help with the calculations.
You can usually delay taking your first RMD to April 1 of the following year, but after that you need to take your RMDs by December 31 each year. For example, people who turn 73 in 2024 have until April 1, 2025, to take their first RMD, but then they have to take their next RMD by December 31, 2025, and subsequent RMDs by the end of each year.
You don’t have to take RMDs from Roth IRAs. In the past, you had to take RMDs from Roth 401(k)s, even though you didn’t have to pay taxes on those withdrawals. But starting in 2024, you don’t have to take RMDs from any Roth accounts, Steffen says.
December 31: 529 Contributions Due in Most States
Many states let you take an income-tax deduction for making contributions to a 529 college-savings plan. In most states, the deadline is December 31 for the contribution to count for that tax year, says Mark Kantrowitz, author of “How to Appeal for More College Financial Aid.”
However, the deadline is April 15, 2025, for 2024 contributions in Georgia, Mississippi, Oklahoma, South Carolina and Wisconsin, and April 30 in Iowa, he adds.
January 15, 2025: Estimated Fourth Quarter Taxes Due
Quarterly estimated taxes are due by Jan. 15, 2025, for money earned from Sept. 1 to Dec. 31, 2024. If you’re self-employed or don’t have taxes withheld from rental, investment or other income, you may need to make quarterly estimated taxes.
Also, keep this tax deadline in mind if you took large withdrawals from tax-deferred retirement savings in the last quarter of the year and didn’t have taxes withheld from your distribution.
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Every 2024 Tax Deadline You Need to Know originally appeared on usnews.com
Update 01/22/24: This story was published at an earlier date and has been updated with new information.
