What's New This Tax Season
Who must file?
Generally, the amount of income you can receive before you must file a return has been increased.
Standard deduction amount increased.
For 2024, the standard deduction amount has been increased for all filers.
The amounts are:
Single or Married filing separately—$14,600;
Married filing jointly or Qualifying surviving spouse—$29,200;
Head of household—$21,900.
Purchase of savings bonds discontinued.
The program allowing for your refund to be deposited into your TreasuryDirect® account to buy savings bonds, as well as the ability to purchase paper bonds with your refund, has been discontinued.
Form 8888 is now only used to split your direct deposit refund between two or more accounts or to split your refund between a direct deposit and a paper check.
Qualified wildfire relief payments are not taxable.
Those payments may be nontaxable if you received a qualified wildfire relief payment.
Due date of return.
File Form 1040 or 1040-SR by April 15, 2025.
Digital assets received as ordinary income
If you received digital assets as ordinary income, and that income is not reported elsewhere on your return, you will enter those amounts on Schedule 1 (Form 1040), line 8v.
Choosing to treat nonresident aliens or dual-status alien spouses as U.S. residents.
If you and your spouse choose to treat a nonresident alien or dual-status alien spouse as a U.S. resident for 2024, or if a prior year's choice to treat a nonresident alien spouse as a U.S. resident remains in effect for 2024, check the box in the Filing Status section of the Form 1040 or 1040-SR and enter the name of the nonresident alien or dual-status alien spouse in the entry space.
Surviving spouse election to be treated as an employee.
Beginning in 2024, a surviving spouse who is the designated beneficiary of an employee covered by a qualified retirement plan (or other plan to which the required minimum distribution rules apply) or who is the designated beneficiary of an IRA owner may elect to be treated as the employee for purposes of the required minimum distribution rules
Additonal child tax credit (ACTC)
amount increased. The maximum ACTC amount has increased to $1,700 for each qualifying child.
Repayment amount from Form 8936.
If you have a repayment of the credit for new or previously owned clean vehicles reported on From 8936 and Schedule A (Form 8936), those amounts will now be reported on Schedule 2 (Form 1040), lines 1b and 1c.
Reporting a transfer of a credit for a new or previously owned clean vehicle credit to a dealer at the time of sale.
Suppose you purchased a new or used clean vehicle from a registered dealer and reduced the amount you paid at the time of sale by transferring the credit to the dealer. In that case, you must file a tax return and attach Form 8936 and Schedule A (Form 8936) to report the transfer of the credit and reconcile your eligibility on your return.
IRA contribution limit increased.
Beginning in 2024, the IRA contribution limit will be increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older).