Tax season is officially underway, as the Internal Revenue Service started processing returns Monday.

The agency expects more than 140 million individual tax returns for tax year 2024 to be filed before the deadline on Tuesday, April 15.

How to e-file your return

Taxpayers with an adjusted gross income of $84,000 or less in 2024 have been able to use the IRS’ Free File Gilded Tax Software since Jan. 10. The free software offers tax preparation and filing software from eight different companies.

For taxpayers with an adjusted gross income of more than $84,000 in 2024, the IRS’ Free File Fillable Forms have been available since Monday.

Other ways to file for free include the IRS’ Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. These programs are designed for working families making less than $67,000, older adults and people with limited English proficiency.

MilTax, a Department of Defense program, offers free tax preparation services for all active military members and some veterans regardless of income.

Tracking your refund

Refunds can be tracked using the IRS’ “Where’s My Refund?” tool, which is now active on its website. The information updates just once every 24 hours.

Those filing tax returns online can expect to receive a refund within three weeks. Refunds for paper returns can take a month or more.

You can check the status of your federal tax refund online at irs.gov/refunds.

How do I request an extension for my tax return?

If you cannot file by the April 15 deadline, you can request an extension through Form 4868, which gives you until Oct. 15 to file without penalties.

However, an extension to file a tax return is not an extension to pay taxes altogether. Any taxes owed should still be paid by April 15 to avoid potential penalties and interest for the amount owed.

This year, victims in disaster areas as designated by the Federal Emergency Management Agency (FEMA) may qualify for an automatic extension, meaning they will not need to request an extension. To see if your area is included, visit the IRS webpage on tax relief in disaster situations.

What if I don’t file my taxes in time?

If you don’t file your taxes by April 15 — or by Oct. 15 if granted an extension — you will receive a notice from the IRS that you owe a Failure to File Penalty.

The standard penalty for this is 5% of the tax due for every month the return is late, up to 25% of the unpaid balance. A smaller penalty of 0.5% is added if you file a return but fail to pay any taxes you owe or if you get an extension on your return but still fail to pay what you owe.

However, if you can show reasonable cause as to why you did not meet your tax obligations, the IRS may be able to remove — or at least reduce — some penalties.

Have a news tip? Contact Carson Swick at cswick@baltsun.com.