Illinois tax season 2024: Here's when the state, IRS will send out refunds

Tips for preparing for tax season

FOX consumer reporter Steve Noviello breaks down what you need to know ahead of filing your taxes this year.

CHICAGO - The Illinois Department of Revenue has announced the start of the 2024 tax season, accepting 2023 tax returns beginning on January 29. That aligns with when the Internal Revenue Service will begin accepting federal income tax returns.

IDOR encourages early electronic filing for faster processing and direct deposit refunds. MyTax Illinois facilitates free filing, and taxpayers can also use tax-prep software or consult professionals. The platform allows payments, inquiry responses, and refund status checks.

Taxpayers who file error-free returns should receive a direct deposit refund in about four weeks.

The tax filing deadline is April 15, 2024.

Tax Credits:

"Depending on circumstances, taxpayers may be able to reduce the amount of taxes owed through tax credits," said IDOR Director David Harris.

Existing credits like the Illinois K-12 Education Expense Credit, Property Tax Credit, and Illinois Earned Income Tax Credit (EITC) remain.
This year, the EITC has expanded eligibility to include taxpayers 18 years of age or older (with or without qualifying child), those 65 years of age or older (without qualifying child), and those with an IRS-issued Individual Taxpayer Identification Number (ITIN). Additionally, the tax credit was increased to 20% of the Federal EITC.
A new Volunteer Emergency Worker Credit (EIC) offers up to $500 for volunteer fire service emergency workers.

Fighting Tax Fraud:

IDOR collaborates with the IRS to prevent fraudulent refunds, saving over $104 million last year. Taxpayers are reminded to protect personal information and be cautious of scams.

Assistance for Taxpayers:

To receive assistance, Illinois taxpayers may call 1-800-732-8866 or 217-782-3336. For the latest updates and information, visit IDOR's website.

Federal Income Tax Returns

Jan. 29, 2024, marks the first day the IRS began accepting and processing 2023 tax returns.

That means taxpayers have to file their returns between that date and April 15. If you need more time, you can request an extension that can allow you to file until mid-October.

You can get more information on requesting an extension HERE.

How to get your refund quick

In order to receive your refund within 21 days of filing, the IRS has let us know that you must file your return electronically, make sure that it is accurate and complete and request to receive the refund via direct deposit.

The IRS expects to receive more than 128.7 million individual tax returns by this year's deadline.

Make sure you file for free

The "Free File" tool, which offers free tax prep services to eligible taxpayers, will open on Friday and remain available through the October tax extension deadline. Taxpayers qualify for the service with an adjusted gross income of $79,000 or less for 2023.

How to file for an extension

You'll need to fill out Form 4868 and you can use the Free FIle tool to do so. Make sure to submit the form by April 15 either electronically or by mail to the IRS address for your state.

Don't forget to postmark it by April 15, the IRS are sticklers when it comes to deadlines.

How the Inflation Reduction Act will impact your return

The beginning of tax season comes as the agency begins to implement an $80 billion funding overhaul intended to modernize technology, improve customer service, deliver real-time alerts, enhance customer service and crack down on the so-called tax gap by enhancing enforcement of the wealthy.

The funding boost stems from the Inflation Reduction Act, signed into law by President Biden in 2022.

"As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season," IRS Commissioner Danny Werfel said in a news release. "IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier."

How to check the status of your return

Taxpayers can check a refund's status by using the Where's My Refund? tool online.

While the IRS says most refunds are issued in less than 21 days from filing, some refunds can take longer than others, so be patient.

What you need to know about the new tax brackets

The IRS announced the higher limits for the federal income tax bracket and standard deductions in November.

The increase is intended to avoid a phenomenon known as "bracket creep," which happens when taxpayers are pushed into higher-income brackets even though their purchasing power is essentially unchanged due to steeper prices for most goods.

You can read the details on where you fit in the new brackets here.

This story was reported from Los Angeles. Kelly Hayes and FOX Business contributed.