Across the United States, retirement plans are becoming essential in recent years. And is that not all Americans rely 100% on Social Security, as well as the IRS offers other alternatives that can make an American have a better standard of living in the golden years. It is not that it is the Internal Revenue Service itself that offers this retirement, but it is part of everything related to these procedures.
And in this sense, Americans who are thinking about improving contributions to their retirement plans still have time. And we are talking about contributions for the year 2023, the previous year that has already ended. If you made contributions to these retirement plans, type IRA or 401(k), you could get new benefits within the tax return that you still have time to do.
While it is true that tax season has not yet begun, Americans who made contributions to an IRA or other retirement plan in 2023 may have even more benefits. These benefits are tied to those contributions, and to receive them, the retiree will have to justify to the IRS everything he or she did last year.
By when can I send my retirement documents to the IRS?
If you have contributed income to any of the retirement plans, you must include this information on your tax return. The last day for citizens without an extension is April 15. Until that day, any American can declare the money they have contributed during 2023 to the IRA, 401(k) or other similar type of retirement plan.
#FriendlyReminder: Retirement contributions for 2023 can be made to an IRA until the #IRS tax filing due date → April 15, 2024. See: https://t.co/B9zk2T62r1 pic.twitter.com/ZhE2t3n4dD
— IRSnews (@IRSnews) January 22, 2024
However, there is one thing to keep in mind. And that is that doing this does not mean that we are going to get immediate benefits. We may get some of the money we invested back from the IRS, at least the taxes, but that depends on each individual situation. We may also get nothing and our tax return may not bring us any additional benefit.
What is certain is that we have to do it to avoid problems of any kind. The more information we send about our taxes paid and our expenses, the more benefits we will have in the end. Remember that the IRS has until April 15 to receive all the documents, so you still have time to do all the documentation.
When does tax season start?
Although the last date to send in these documents is April 15, this does not mean that we have to wait until then to do it. Tax season starts on January 29th. This means that in just one week we will be able to start sending out all of our tax documents.
Although it is not mandatory to send all the documents quickly and on the same day of the beginning of the tax season, the IRS recommends to do it as soon as possible. If we do not do it on the same day, we should not allow too much time before we can send the tax return.
The sooner you mail your tax return, the sooner you may receive your estimated tax refund. So mark January 29th on your calendar and have all the documents you need to send your tax return to the IRS by then to get the tax benefits you are entitled to.