When will you get your NYS tax refund? Everything to know about filing your taxes this year

Victoria E. Freile, Rochester Democrat and Chronicle
·5 min read

It's already time to start thinking about filing your taxes. Although it’s likely not your favorite time of the year, you can avoid a future tax-fueled headache by preparing in advance. Here’s what to know about filing your 2023 tax return:

When are 2023 taxes due?

The Internal Revenue Service usually starts accepting federal tax returns in late January. Federal income tax returns are due on Monday, April 15.

New York state income taxes are also due on April 15.

To file for an extension on your federal income tax, taxpayers can fill out Form 4868 by April 15 to. Filling out this form will give filers six more months to complete their tax return, to Tuesday, Oct. 15.

Tax returns can still be filed after April 15 without filing for an extension, but you may be subject to a penalty if you owe taxes.

To file for an extension on your state income tax, fill out the appropriate form - Form IT-201 for New York residents' personal tax returns. Completing the form will give filers another six months to complete their return. Note that if you file for an extension on your state income tax and owe, you must make your extension payment by the due date.

How do I file my 2023 taxes?

A perfect storm of circumstances led some local taxpayers to experience sticker shock when they opened their property tax bills in Hampton Falls and North Hampton.
A perfect storm of circumstances led some local taxpayers to experience sticker shock when they opened their property tax bills in Hampton Falls and North Hampton.

To file federal income taxes, fill out a Form 1040 online or mail a paper form. Tax returns sent by mail might take six months or more to process.

How can I file my tax return for free?

Any taxpayer or family who earned $73,000 or less in 2023 may use a free filing option for a tax return using the IRS website. In New York, taxpayers who earned $79,000 or less can file online for free.

The IRS has online tools to help with filing, and people can call 800-829-1040 for assistance. New York also offers a Taxpayer Assistance Program to help prepare and electronically file federal and state tax returns.

Service members may be able to prepare and file their tax returns for free through MilTax if they meet certain criteria.

If you generally make $60,000 a year or less, have a disability, have limited English skills or speak English as a second language or are 60 years of age or older, you may be eligible for in-person, full-service tax preparation for free through the IRS Volunteer Income Tax Assistance, the AARP Foundation Tax-Aide and the Tax Counseling for the Elderly programs, according to the Consumer Financial Protection Bureau.

How do I get my W-2?

You should have already received a W-2 form. It is mandatory that employers give their employees a W-2 form by Jan. 31. A W-2 form reports your total wages for the year and any taxes withheld from your paycheck.

When can I expect my tax refund?

The IRS expects to issue most refunds via direct deposit within 21 days, according to the agency, but some returns require additional review that take longer to process.

Some issues that cause your refund to be delayed according to the IRS include:

  • If the taxpayer is claiming certain credits, like the Earned Income Tax Credit or the Additional Child Tax Credit.

  • Whether the return is e-filed or sent by mail.

  • If the taxpayer has existing debts to the federal government.

For the status of your refund, use the "Where's My Refund?" tools for federal tax refunds.

Also be mindful that the wait for your tax return is based on when the IRS has received your return and entered it, which can be a few days after you submitted the return electronically or a few weeks after mailing it in and the IRS has manually entered your information.

What tax bracket do I fall in?

The IRS inflation-adjusted tax brackets for this year are:

  • 37% for individual single taxpayers with incomes greater than $609,350 or $731,200 for married couples filing jointly.

  • 35% for incomes over $243,725 or $487,450 for married couples filing jointly.

  • 32% for incomes over $191,950 or $383,900 for married couples filing jointly.

  • 24% for incomes over $100,525 or $201,050 for married couples filing jointly.

  • 22% for incomes over $47,150 or $94,300 for married couples filing jointly.

  • 12% for incomes over $11,600 or $23,200 for married couples filing jointly.

  • 10% for incomes $11,600 or less or $23,200 for married couples filing jointly.

Other important tax dates

Other tax-related dates to keep in mind, according to TurboTax, include:

  • Reclaim your exemption from withholding by filing a Form W-4 by Feb. 15. This would be filed if you anticipate having no tax liability this year and had none last year.

  • Required minimum distribution is due by April 1 if you turned 73 in 2023. You have until this date to take your first required distribution from your retirement account.

  • Contributions to your IRA and HSA for the 2023 tax year are due by April 15. After this date, you usually can’t make contributions for the previous tax year.

  • After taking your first required minimum distribution in April, you also need to take your 2024 required minimum distribution by Dec. 31, 2024. This is the same deadline for anyone otherwise required to take a required minimum distribution.

Includes reporting by Gannett reporters Beck Andrew Salgado and Krys'tal Griffin

This article originally appeared on Austin American-Statesman: When will you get your NYS tax refund? Filing your taxes in 2024