Frequently Asked Questions

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 The deadline to file your 2024 federal income tax return is April 15, 2025. If you request an extension, you will have until October 15, 2025, to file, but any taxes owed must be paid by April 15 to avoid penalties and interest. 

 The standard deduction for 2024 is:

• $13,850 for Single or Married Filing Separately
• $27,700 for Married Filing Jointly or Qualifying Widow(er)
• $20,800 for Head of Household

 Yes, unemployment compensation is generally taxable and must be reported as income on your federal return. 

• IRAs: Up to $7,000 (including a $1,000 catch-up contribution if age 50 or older).
• 401(k)s: Up to $23,000 (including a $7,500 catch-up contribution if age 50 or older).

The deadline to contribute to your IRA for the 2024 tax year is April 15, 2025. Contributions must be made by the tax filing deadline for the year, even if you file an extension.

• $4,150 for self-only coverage.
• $8,300 for family coverage.
• An additional $1,000 catch-up contribution for those age 55 or older.

The deadline to contribute to your HSA for the 2024 tax year is April 15, 2025. Contributions must be made by the tax filing deadline for the year, even if you file an extension. 

• IRAs: Up to $7,000 (including a $1,000 catch-up contribution if age 50 or older).
• 401(k)s: Up to $23,500 (including a $7,500 catch-up contribution if age 50 or older).
• Special Catch-Up Contributions (Ages 60 to 63): A new provision permits individuals aged 60 to 63 to make catch-up contributions up to $11,250, increasing their total potential contribution to $34,750.  

 Refunds are typically issued within 21 days for e-filed returns with direct deposit. Paper returns or mailed checks may take longer. 

 Yes, you can apply for an Installment Agreement with the IRS. Form 9465 can be filed with your return or online via the IRS website.

Noncash donations can be taken as an itemized deduction on federal tax returns. Some states allow a deduction for noncash donations for those who take the standard deduction. For example, Minnesota allows a deduction for 50% of the amount of cash & noncash donations over $500 for the year.

You must determine the fair market value of items donated. You can use the Noncash Donation Valuation Worksheet on our Downloads page to figure out the value. If your total donations for the year are greater than $500, you must report the date & fair market value of each donation on Form 8283. If a single item donated is valued over $5,000 an appraisal is required.

Noncash donations can be taken as an itemized deduction on federal tax returns. Some states allow a deduction for noncash donations for those who take the standard deduction. For example, Minnesota allows a deduction for 50% of the amount of cash & noncash donations over $500 for the year.

You must determine the fair market value of items donated. You can use the Noncash Donation Valuation Worksheet on our Downloads page to figure out the value. If your total donations for the year are greater than $500, you must report the date & fair market value of each donation on Form 8283. If a single item donated is valued over $5,000 an appraisal is required.

The invoice or sales contract showing what was purchased, the date, and the cost. Some credits allow labor to be included in the cost while others do not, so it is best to receive an itemized invoice or sales receipt.

To find out whether your improvement qualifies for a tax credit, visit the ENERGY STAR website.

Find a list of energy-related incentives in your area at https://www.dsireusa.org/

The time of sale report showing the vehicle's year, make, model, VIN number, purchase date, and cost. This should have been provided by the dealership at the time of purchase.

Visit www.fueleconomy.gov for more information on claiming this credit.