At the same time, the IRS also clarified that plan participants who are age 50 and over can continue to make catch‑up contributions after 2023, regardless of income. Newport Trust Company is a New Hampshire state-chartered trust company and wholly owned subsidiary of Newport Group, Inc., an Ascensus Company. Newport Trust Company provides independent fiduciary and trustee services for employee benefit plans. We may amend this policy from time to time; if we do, we will post those changes on this page within a reasonable time after the change so that you are aware of what information we collect and how we intend to use it. It added that taxpayers should check the FDIC and National Credit Union Administration websites if they don’t have a bank account, while veterans can use the Veterans Benefits Banking Program to find participating financial institutions. The Internal Revenue Service (IRS) on Friday announced details irs announces e for the start of the 2025 tax filing season, which will begin in earnest later this month.

• Estimated income tax payments originally due on or after Jan. 7, 2025, are postponed through Oct. 15, 2025, and affected taxpayers will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before Oct. 15, 2025.
• Looking for retirement numbers for IRAs (including Roth IRAs) and qualified plans?
• It added that taxpayers should check the FDIC and National Credit Union Administration websites if they don’t have a bank account, while veterans can use the Veterans Benefits Banking Program to find participating financial institutions.
• If taxpayers sold at a loss, which means they paid more for the items than they sold them for, they’ll be able to zero out the payment on their tax return by reporting both the payment and an offsetting adjustment on a Form 1040, Schedule 1.
• Newport Trust Company provides independent fiduciary and trustee services for employee benefit plans.

I Am Having So Many Problems Getting My Tax Refund From Irs

WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by wildfires and straight-line winds that began on Jan. 7, 2025. These taxpayers now have until Oct. 15, 2025, to file various federal individual and business tax returns and make tax payments. WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in Arkansas that were affected by severe storms, tornadoes and flooding that began on April 2, 2025.

• The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA.
• The IRS has also expanded the Direct File program from last year, which will be available to taxpayers in 25 states when the tax season officially begins later this month, after the program was used by 12 states as part of last year’s pilot program.
• Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Cleveland, Creek, Lincoln, Oklahoma, Pawnee, and Payne counties qualify for tax relief.
• Affected taxpayers claiming the disaster loss on their return should put FEMA disaster declaration number, 4866-DR on any return.
• For 2025, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,350 or the sum of $450 and the individual’s earned income (not to exceed the regular standard deduction amount).
• This relief also applies to the 2024 estimated tax payment normally due on Jan. 15, 2025, and estimated tax payments normally due on April 15, June 16, and Sept. 15, 2025.

IRS statement to IVES stakeholders on suspension of Income Verification Express Service policy change

This phased-in approach will allow the agency to review its operational processes to better address taxpayer and stakeholder concerns. A .gov website belongs to an official government organization in the United States. The IRS has announced the annual inflation adjustments for the year 2025, including tax rate schedules, tax tables and cost-of-living adjustments.

Personal exemptions used to decrease your taxable income before you determined the tax due. You were generally allowed one exemption for yourself (unless you could be claimed as a dependent by another taxpayer), one exemption for your spouse if you filed a joint return, and one personal exemption for each of your dependents—but that’s no longer the case. Notably, this is one of the provisions that could be affected if the Tax Cuts and Jobs Act (TCJA) is allowed to “sunset” or expire at the end of 2025 (as the law is currently written). This tax filing season will also see new tools available to taxpayers amid the IRS’ modernization efforts. Among the improvements include more access to tax account information from text and voice virtual assistants, expanded features on the IRS individual online account, more access to dozens of tax forms for cell phone and tablet users, plus expanded alerts for scams and schemes targeting taxpayers.

IRS statement on agency’s continued support of child support payments to states, Indian tribal governments

A new chatbot will also be available to help Direct File users navigate the eligibility checker. The IRS has also expanded the Direct File program from last year, which will be available to taxpayers in 25 states when the tax season officially begins later this month, after the program was used by 12 states as part of last year’s pilot program. This means that for 2023 and prior years, payment apps and online marketplaces are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions. For tax year 2024, the IRS plans for a threshold of $5,000 to phase in reporting requirements. For anyone affected by a natural disaster, the government may further extend the due date for filing the Report of Foreign Bank and Financial Accounts (FBAR). This means that an agreement will remain in effect, even if they wait until Nov. 3, 2025, to make any payments that were due between March 14, 2025, and Nov. 3, 2025.

IRS Announces 2025 Tax Brackets, Standard Deductions And Other Inflation Adjustments

For 2025, a high-deductible health plan (HDHP) is one that, for participants who have self-only coverage in an MSA, has an annual deductible that is not less than $2,850 (an increase of $50 from 2024) but not more than $4,300 (an increase of $150 from 2023). For participants with family coverage, an annual deductible that is not less than $5,700 (a boost from $5,550 in 2024) but not more than $8,550 in 2025 (up from $8,350 in 2024). For self-only coverage, the maximum out-of-pocket expense amount is $5,700 in 2024, an increase of $150 from 2024. For family coverage in 2025, the maximum out-of-pocket expense amount is $10,500 in 2025, an increase of $300 from 2024. In 2025, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $325, an increase of $10 from the 2024 amount. The AMT exemption amount for tax year 2025 for single filers is $88,100 and begins to phase out at $626,350 (in 2024, the exemption amount for single filers was $85,700 and began to phase out at $609,350).

However, it could also include casual sellers who sold personal stuff like clothing, furniture and other household items that they paid more than they sold it for. Selling items at a loss is not actually taxable income but would have generated many Forms 1099-K for many people with the $600 threshold. WASHINGTON — Today, the Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and similar retirement plans must be designated as after-tax Roth contributions. Direct File is similar to commercial tax software and allows taxpayers to opt in to a data import tool to automatically import information from their IRS account – such as personal information, the taxpayer’s IP PIN and certain information from their W-2 form.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case. Taxpayers may download forms and publications from the official IRS website, IRS.gov. Taxpayers should put the assigned FEMA declaration number (4867-DR), in bold letters at the top of Form 4506, Request for Copy of Tax Return PDF, or Form 4506-T, Request for Transcript of Tax Return, as appropriate PDF, and submit it to the IRS. As a result, affected individuals and businesses will have until Oct. 15, 2025, to file returns and pay any taxes that were originally due during this period. If taxpayers sold at a loss, which means they paid more for the items than they sold them for, they’ll be able to zero out the payment on their tax return by reporting both the payment and an offsetting adjustment on a Form 1040, Schedule 1. This will ensure people who unnecessarily get these forms don’t have to pay taxes they don’t owe.

Personal Exemption Amounts

The Nov. 3, 2025, deadline applies to individual income tax returns and payments normally due on April 15, 2025. The Nov. 3 deadline also applies to 2024 contributions to IRAs and health savings accounts for eligible taxpayers. This relief also applies to the estimated tax payments normally due on April 15, June 16, and Sept. 15, 2025. Penalties on payroll and excise tax deposits due on or after Feb. 14, 2025, and before March 3, 2025, will be abated as long as the tax deposits are made by March 3, 2025.

Penalties on payroll and excise tax deposits due on or after April 2, 2025, and before April 17, 2025, will be abated as long as the tax deposits are made by April 17, 2025. Penalties on payroll and excise tax deposits due on or after March 14, 2025, and before March 31, 2025, will be abated as long as the tax deposits are made by March 31, 2025. The Oct. 15, 2025, deadline applies to individual income tax returns and payments normally due on April 15, 2025.