The Indiana Department of Revenue (DOR) officially launches the 2024 individual income tax filing season, following the Internal Revenue Service’s schedule. Commencing on January 29, 2024, Hoosiers are encouraged to embrace electronic filing, online payment, and direct deposit for accurate and expedited tax returns and refunds.
Electronic Filing Encouraged for Streamlined Tax Processes
In an effort to enhance precision and efficiency, the DOR urges taxpayers to leverage electronic filing, online payment methods, and direct deposit. These digital means are expected to simplify the tax submission process and expedite the refund processing for eligible individuals.
Taxpayers are reminded by the DOR to file both their state and federal tax returns, settling any outstanding taxes for the year 2023 by the deadline of April 15, 2024.
Cautioning against premature filings, the department advises waiting for all official tax documents, especially Form W-2s from employers by January 31, 2024, to avoid potential delays in refund disbursements.
Legislative Updates and Exemptions Enhance Tax Code
The Indiana Code undergoes significant modifications, including the doubling of the dependent exemption and the exemption of military pay for reserve members. Investors now have expanded opportunities to provide qualified capital to veteran-owned and women-owned businesses, qualifying for an increased venture capital investment credit.
Additional changes include the College Choice 529 Plan Credit‘s increment, offering higher credits for married couples filing jointly or unmarried individuals. The DOR recommends exploring comprehensive insights on individual tax returns on its website and suggests utilizing INTIME’s secure messaging service for direct assistance, emphasizing the state’s commitment to optimizing the tax filing process for Indiana taxpayers.