2023 Tax Deadlines for Filing 2022 Taxes
If you are a calendar-year tax filer, as most people are, you already know that your personal income tax return for tax year 2022 is (usually) due on April 15, 2023. But there are many other tax deadlines of which you may need to be aware, depending on your circumstances.
Gone are the days when most people’s income came from a single paycheck with income tax and payroll taxes automatically withheld. With the continued growth of the “gig economy,” more and more people are responsible for managing their own income tax payments and filings. If you’re one of them, you will want to be aware of the 2023 tax deadlines listed below.
January 16, 2023: Due Date for 2022 4th Quarter Estimated Tax Payment
Self-employed individuals or those who received income in the fourth quarter of 2022 may need to pay estimated taxes on that income. While your tax return is not yet due, your estimated fourth quarter payment must be postmarked by January 16, 2023.
Unsure how to estimate your quarterly taxes? Learn more about estimated tax payments on the IRS website.
January 2023: Tax Season Officially Begins
If you’re the type who likes to get a jump on things, you can file your income tax return for 2022 as early as January 2023. While it might feel good to have the task done that early, you will probably want to wait until you are sure that you have all the documentation you need of your 2022 income. Employers are not required to send that out until the end of the month, but don’t worry; if you get your tax information to your preparer in early February, you’ll still be ahead of the game.
January 31, 2023: Deadline for W-2s and Certain 1099s to be Mailed
Employees are required to send all employees their W-2 (Wage and Tax Statement) by January 31 following the close of the tax year referenced on the statement. Remember that January 31 is the mailing date; you may not receive the form itself in the mail until early February, though many employers also make W-2s available online.
For those who don’t receive a regular paycheck from an employer, like independent contractors or gig workers, or those who receive income from sources other than employment, income may be reported on a 1099 form. There are various types of 1099 forms to report different types of income, such as 1099-NEC (for non-employee compensation); 1099-MISC (for miscellaneous compensation); and 1099-K (for payments received through a Payment Settlement Entity or PSE, such as PayPal). Most 1099 forms are also required to be sent out by January 31 for the preceding tax year. If January 31 falls on a weekend, the deadline is the following business day, but January 31 falls on a Tuesday in 2023.
April 3, 2023: Initial Required Minimum Distribution Due for Those Who Turned 72 in 2022
If you have a 401(k), IRA, or other retirement account which has required minimum distributions (RMDs), you will need to take your initial RMD by April 3, 2023 if you turned 72 in 2022. The SECURE Act of 2019 pushed back the age (from 70 to 72) after which initial RMDs must be taken. The deadline for initial RMDs would ordinarily be April 1, but that day falls on a weekend in 2023.
April 18, 2023: “Tax Day”
Income tax and other tax filings are typically due on April 15, but that date falls on a weekend in 2023, so taxpayers have until April 18 to e-file or postmark their tax returns.
April 18, 2023: Deadline to Request an Extension to File Taxes
If you need an extension to file your individual income taxes, you can file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return by April 18. Doing so will get you a six-month extension of time to file, until October 16. However, remember that an extension of time to file is NOT an extension of time to pay; you still have to pay any taxes you owe by the April 18 deadline.
April 18, 2023: Deadline to Make 2022 Contributions to HSA or IRA
If you have a Health Savings Account (HSA) or Individual Retirement Account (IRA), April 18, 2023 is the last possible day to make a contribution to your account for tax year 2022. Those contributions, made with pre-tax dollars, reduce your taxable income for the year.
April 18, 2023: First Quarter 2023 Estimated Tax Payment Due
If you do not have income tax withheld from a paycheck, you will need to make your first quarter estimated tax payment on this date. The IRS provides a publication on estimating tax, or you can work with a qualified tax preparer to ensure you pay the correct amount. The second quarter estimated tax payment is due June 15, the third quarter payment is due September 15, and the fourth quarter estimated payment for 2023 taxes is due January 15, 2024.
October 16, 2023: Deadline to File Individual Income Tax Return with Extension
If you filed for an extension of time to file your 2022 individual income taxes in April, your day of reckoning has come—your income tax return is due on this date.
December 31, 2023: RMDs Must Be Taken for Those Aged 73 and Up in 2023
If you turned 72 in 2022, you were required to take your initial (2022) RMD no later than April 3 of 2023. But you also have an RMD for 2023, which you must take by December 31, 2023. If you are older than 73 and have an RMD for 2023, you must also take it by this date.
The Bottom Line
Tax deadlines can be a lot to keep up with in your busy schedule, and the complicated nature of taxes makes it tempting to put filings and payments off until the last minute. To take these tasks off your plate, schedule an appointment today with the accounting and tax preparation professionals at Gudorf Tax Group.