Doing taxes for the first time in 2024? Here’s what you need to know to file in Florida

Lianna Norman, USA TODAY NETWORK - Florida
·5 min read

Filing your taxes for the first time can be really overwhelming. And as the year comes to a close, the 2023-2024 tax season looms in the distance.

If you’re filing your taxes for the first or second time in the new year and need to make sure you’re not missing anything, here’s a quick crash course to filing your taxes: From how much money you need to make to be required to file, to how early you can file and how long it takes to get your refund.

How much money do I need to make to file taxes in 2024?

If you are under the age of 65, not married, aren’t self-employed and made at least $13,850 of taxable income in 2023, you have to file taxes in 2024.

Even if you aren’t required to file a tax return, you might want to anyway. If there were any federal taxes pulled from any of your 2023 paychecks, you can only be refunded that money when you file a tax return because the IRS doesn’t automatically issue refunds.

How do I do my taxes as a beginner?

If you make less than $73,000 each year, using the IRS’s Free File service is the easiest way to file your taxes.

According to the IRS, “For those who want to do their own taxes, Free File means free tax preparation, free electronic filing and free direct deposit, which is the fastest way to get a refund.”

Basically, the software does all the math for you, so you don’t have to tap into any accounting skills you may or may not have.

If, for some reason, you don’t want to use the IRS’s Free File service, services like H&R Block, TurboTax and TaxSlayer offer free versions. These free tax filing services usually come with some limitations, though. For example, you can only use TurboTax Free Edition if you have a Form 1040 return and are only claiming limited credits.

No matter what, if you’re new to filing taxes, you should look for a service like any of these, that will guide you through the process and crunch the numbers for you.

What forms do I need to fill out for my tax return?

Here is a list of some tax forms you might need to fill out and what they do:

  • Form 1040: If you’re using a tax filing service, like the IRS’s Free File service, they’ll have this form ready for you to fill out when the time comes. If you’re doing your taxes on your own, you’ll need to get a Form 1040 yourself from your library, or you can print it from the IRS’s website.

  • W-2: If you work for an employer, they should give or mail your W-2 to you by the end of January. This form shows how much you earned last year and how much of what you made was deducted for taxes or other withholdings.

  • 1099-NEC: This 1099 form is only applicable to you if you did freelance or contract work in 2023.

  • 1099-K: If you’re a gig worker for a business like Uber, Lyft or Airbnb, you will probably use this form. This 1099 form is for reporting income that you received through third-parties, like payments through PayPal, debit cards or credit card processors.

  • Other 1099 forms: If you earned interest from savings or investments, you might get a 1099-INT form. You could also get a 1099-DIV form, which tracks investment dividends and distributions. If you get a 1099-C form, you had $600 or more in debt that was canceled.

  • 1098-E: This form tracks tax-deductible student loan interest payments over $600 and allows you to deduct up to $2,500 of interest on your student loans. If you paid less than $600, you may not receive a 1098-E, but if you find out what amount of interest you paid, you can still deduct it.

  • 1098-T: The 1098-T is used for educational tax credits and deductions. It reports payments received for tuition and education expenses. You’ll also need to include scholarships or grants. If you need to fill this out, your school will send it to you or have it available in your student portal.

How early can I file taxes for 2024?

The earliest you can start filing your 2024 tax returns is January 18, 2024. The earlier you file, the sooner you get your refund and the less likely you are to minimize room for errors that could delay your tax return.

The last day to file your taxes is April 15, 2024, unless you file for an extension.

How long does it take to get a tax refund by direct deposit?

According to the U.S. Department of Treasury, “Assuming no issues, IRS issues tax refunds in less than 21 calendar days after the IRS receives the tax return.”

If you want to track the status of your tax refund, the IRS has a “Where’s my tax refund?” tool that will show you the status of your refund by using your social security number, filing status, and refund amount.

Do I have to file a tax return in Florida?

Florida does not have a state tax on personal income, meaning you don’t have to file a tax return with the state if you’re a Florida resident, just federal taxes.

This article originally appeared on Treasure Coast Newspapers: Filing taxes for the first time? Here's what to know before January