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Tax Time Guide 2025: Essentials needed for filing a 2024 tax return
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IR-2025-23, Feb. 19, 2025
WASHINGTON — As the 2025 tax filing season continues, the Internal Revenue Service encourages taxpayers to make essential preparations and be aware of significant changes that may affect their 2024 tax returns.
This announcement marks the commencement of the Tax Time Guide series. The IRS uses this guide to provide updated information to assist taxpayers in filling an accurate return. A wealth of resources and tools is also available on IRS.gov, including a dedicated special free help page accessible 24/7.
The IRS encourages taxpayers to read Publication 17, Your Federal Income Tax (For Individuals), for additional guidance and updates.
Tips for filing an accurate tax return
The deadline for submitting Form 1040, U.S. Individual Income Tax Return, or 1040-SR, U.S. Tax Return for Seniors, is April 15, 2025. To avoid mistakes and potential processing delays, taxpayers should refrain from filing until they have received all necessary tax documents. Taxpayers should always carefully review documents for inaccuracies or missing information. They should immediately contact their employer or payer to request a correction if issues arise.
The IRS recommends taxpayers create an IRS Online Account, which provides secure access to their tax information, including payment history, tax records and other key information. Maintaining digitally organized tax documents can streamline the preparation of a complete and accurate tax return and may help identify overlooked deductions or credits.
Taxpayers who have an individual taxpayer identification number or ITIN may need to renew it if it has expired. The IRS can accept a tax return with an expiring or expired ITIN, but there may be processing delays.
Updates to Additional Child Tax Credit for tax year 2024
The maximum Additional Child Tax Credit (ACTC) amount has increased to $1,700 for each qualifying child.
Bona fide residents of Puerto Rico are no longer required to have three or more qualifying children to be eligible to claim the ACTC. Bona fide residents of Puerto Rico may be eligible to claim the ACTC if they have one or more qualifying children.
The IRS cannot issue refunds before mid-February 2025 for returns that properly claim the ACTC. This time frame applies to the entire refund, not just the portion associated with the ACTC.
Other changes for tax year 2024
Standard deduction amount increase. For 2024, the standard deduction amount has been increased for all filers. The amounts are:
Single or married filing separately — $14,600.
Head of household — $21,900.
Married filing jointly or qualifying surviving spouse — $29,200.
Child Tax Credit enhancements. Taxpayers eligible for the Child Tax Credit should not wait to file their 2024 tax return. If Congress changes the CTC guidelines in the future, the IRS will automatically adjust for those who have already filed. No additional action will be needed by those eligible taxpayers.
Under current law for tax year 2024, the following currently apply:
The initial amount of the CTC is $2,000 for each qualifying child. The credit amount begins to phase out where adjusted gross income (AGI) income exceeds $200,000 ($400,000 in the case of a joint return).
A child must be under age 17 at the end of 2024 to be a qualifying child.
Changes to the Earned Income Tax Credit (EITC). To claim the EITC without a qualifying child in 2024, taxpayers must be at least age 25 but under age 65 at the end of 2024. If a taxpayer is married filing a joint return, one spouse must be at least age 25 but under age 65 at the end of 2024.
Taxpayers may find more information on various child tax credits in the Instructions for Schedule 8812 (Form 1040).
Adoption Credit. The Adoption Credit and the exclusion for employer-provided adoption benefits are both $16,810 per eligible child in 2024. The amount begins to phase out if taxpayers have a modified AGI in excess of $252,150 and is completely phased out if their modified AGI is $292,150 or more. For more information, see Form 8839 PDF and Instructions for Form 8839.
Clean Vehicle Credit. The Clean Vehicle Credit is reported on Form 8936 and Schedule 3 (Form 1040), line 6f. For more information, see Form 8936, Clean Vehicle Credit.
Previously owned Clean Vehicle Credit. This credit is available for previously owned clean vehicles acquired and placed in service after 2022. For more information, see Form 8936, Clean Vehicle Credit.
More information on these and other credit and deduction changes for tax year 2024 may be found in Publication 17, Your Federal Income Tax (For Individuals), taxpayer guide.
IRA contribution limit increased
Beginning in 2024, the IRA contribution limit is increased to $7,000 ($8,000 for individuals aged 50 or older) from $6,500 ($7,500 for individuals aged 50 or older) the prior year.
1099-K reporting requirements have changed for tax year 2024
The reporting threshold for 2024 has changed. Third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, are now required to report transactions when the amount of the total payments for those transactions in 2024 was more than $5,000. The IRS has issued Notice 2024-85 providing transition relief for TPSOs. To understand what to do, taxpayers should become familiar with Form 1099-K.
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