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 irs announces e 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.
The Feb. 3, 2025, deadline also applies to any payment normally due during this period, including the quarterly estimated tax payments due on Sept. 16, 2024, and Jan. 15, 2025, and the quarterly payroll and excise tax returns normally due on Oct. 31, 2024, and Jan. 31, 2025. In addition, penalties on payroll and excise tax deposits due on or after Aug. 13, 2024, and before Aug. 28, 2024, will be abated as long as the tax deposits are made by Aug. 28, 2024. Affected taxpayers claiming the disaster loss on their return should put FEMA disaster declaration number, 4867-DR on any return. In this instance, the 2024 return normally filed next year), or the return for the prior year (the 2023 return filed this year). Taxpayers have extra time – up to six months after the due date of the taxpayer’s federal income tax return for the disaster year (without regard to any extension of time to file) – to make the election.
Foreign-Earned Income Exclusion
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).
For instance, certain deadlines falling on or after March 14, 2025, and before Nov. 3, 2025, are granted additional time to file. Additional relief may be available to affected taxpayers who participate in a retirement plan or individual retirement arrangement (IRA). For example, a taxpayer may be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax and allows the taxpayer to spread the income over three years. Each plan or IRA has specific rules and guidance for their participants to follow.
Forms & Instructions
Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in the entire state qualify for tax relief. For instance, certain deadlines falling on or after Feb. 14, 2025, and before Nov. 3, 2025, are granted additional time to file . Affected taxpayers claiming the disaster loss on their return should put FEMA disaster declaration number, 4856-DR, on any return.
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- 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.
- In addition, penalties for failing to make payroll and excise tax deposits due on or after March 14, 2025, and before March 31, 2025, will be abated as long as the deposits were made by March 31, 2025.
- Taxpayers should put the assigned FEMA declaration number (3622-EM), 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 PDF, as appropriate, and submit it to the IRS.
- In 2025, the AMT exemption amount for married couples filing jointly is $137,000 and begins to phase out at $1,252,700 (in 2024, the exemption amount for married couples filing jointly was $133,300 and began to phase out at $1,218,700).
Estimated income tax payment originally due on or after Feb. 14, 2025, are postponed through Nov. 3, 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 Nov. 3, 2025. Affected taxpayers that have an estimated income tax payment originally due on or after Oct. 5, 2024, are postponed through May 1, 2025, will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before May 1, 2025. Estimated income tax payment originally due on or after April 2, 2025, are postponed through Nov. 3, 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 Nov. 3, 2025. Affected taxpayers that have an estimated income tax payment originally due on or after Aug. 13, 2024, are postponed through Feb. 3, 2025, will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before Feb. 3, 2025. Estimated income tax payment originally due on or after March 14, 2025, are postponed through Nov. 3, 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 Nov. 3, 2025.
- The additional standard deduction amount increases to $2,000 for unmarried taxpayers.
- Personal exemptions used to decrease your taxable income before you determined the tax due.
- 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).
- The standard deduction amounts will increase to $15,000 for individuals and married couples filing separately, representing an increase of $400 from 2024.
Report on Form 8949
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 for the start of the 2025 tax filing season, which will begin in earnest later this month.
The agency added that with about half of all returns expected to be filed with the help of a tax professional, taxpayers should use a trusted tax pro to avoid potential scams and schemes. The Form 1099-K could be sent to anyone who’s using payment apps or online marketplaces to accept payments for selling goods or providing services. This includes people with side hustles, small businesses, crafters and other sole proprietors. The agency is making 2023 another transition year to implement the new requirements under the American Rescue Plan that changed the Form 1099-K reporting threshold for payments taxpayers get selling goods or providing a service over $600. 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 Treasury Department and the IRS plan to issue future guidance to help taxpayers, and the notice describes several positions that are expected to be included.
IRS statement: 10 key areas where the IRS has stepped up protections for taxpayer information, tax systems
In general, this means that affected taxpayers can exclude from their gross income amounts received in 2025 for losses, expenses, or damages to the extent these losses, expenses, or damages are not covered by insurance or other reimbursements. Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Los Angeles County qualify for tax relief. Accordingly, certain deadlines falling on or after Jan. 7, 2025, and before Oct. 15, 2025, are postponed until Oct. 15, 2025. This means that affected taxpayers can exclude from their gross income amounts received from a government agency for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents. 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. For instance, certain deadlines falling on or after April 2, 2025, and before Nov. 3, 2025, are granted additional time to file.
IRS statement on delay in processing some electronic payments
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.
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