Monday, Jan. 29, 2024 has been declared as the official start date of the nation’s 2024 tax season by the Internal Revenue Service. This means that the agency began accepting and processing 2023 tax returns on this date.

In 2024, the deadline to file personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024. Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays and If a taxpayer lives in a federally declared disaster area, they also may have additional time to file.

The IRS encourages taxpayers to take steps now to get ready to file their 2023 individual federal tax return. Tax payers should organize and gather tax records including Social Security numbers, Individual Taxpayer Identification Numbers, Adoption Identification Numbers and this year’s Identity Protection Personal Identification Numbers (IP PIN) so that taxpayers avoid refund delays.

In addition, The IRS has announced changes to retirement plan limits for 2024. Each year the Internal Revenue Service announces the cost-of-living adjustments applicable for all types of qualified retirement plans and IRAs. The various annual contribution limitations and other important indexes that govern all plans either remain unchanged year-over-year or may rise depending on whether the Consumer Price Index meets a threshold level dictating an increase. Below is a list of contribution limitations for some types of plans.

More details can be found by visiting the Pension Rights Center and the Internal Revenue Service.

If you need help with or information about your pension or 401(k) benefit, please call the Mid-America Pension Rights Project at 866-735-7737 to schedule an appointment with one of our experienced attorneys.

The information in this article is general and not intended to be a substitute for legal advice. In any legal matter you should always consider consulting with an attorney for specific advice.