The current tax year is 2024, and you file returns for it in early 2025

The tax year is the 12-month period for which you report income and claim deductions. For most people, the tax year runs from January 1 through December 31. So the 2024 tax year covers income you earned from January 1, 2024, through December 31, 2024. You then file your return for that year between January and April 2025.

The IRS calls the year you file your return the "filing year," which is different from the tax year itself. This matters because if you file in April 2025, you are filing a 2024 tax return — not a 2025 return. The form you use, the income you report, and the deductions you claim all belong to 2024, even though you are submitting the paperwork months later.

Some people have a different tax year. Self-employed people, partnerships, and certain businesses can use a fiscal year instead — a 12-month period that does not match the calendar. But if you work a regular job and file as an individual, your tax year is the calendar year.

Key Takeaways

  • The 2024 tax year covers income from January 1 through December 31, 2024, and you file the return for it in early 2025.
  • The tax year and the filing year are different — you file your 2024 return in 2025, not in 2024.
  • Most individuals use the calendar year as their tax year, but some self-employed people and businesses use a fiscal year instead.
  • Your W-2 forms, 1099 forms, and other income documents show the tax year they cover, so check the year on the form before you file.

How the tax year appears on your forms and documents

Every income document you receive shows the tax year it covers in a box near the top. Your W-2 form from your employer, your 1099 form from a client or bank, and your mortgage interest statement all print the year clearly. When you sit down to file, make sure the year on your documents matches the tax year you are reporting for. If you received a 2024 W-2, you report that income on your 2024 return.

Some people receive documents late — a 1099 might arrive in February or March. The year printed on that form still tells you which tax year it belongs to. If it says 2024, the income goes on your 2024 return, even if you did not receive the form until 2025. The IRS has already received a copy, so they will expect to see that income reported.

Why the tax year matters for deductions and credits

Deductions and credits are tied to the tax year, not to when you pay or when you file. If you paid property taxes in December 2024, you claim that deduction on your 2024 return, filed in 2025. If you paid them in January 2025, they go on your 2025 return, filed in 2026. The timing of the payment is what matters, not the timing of the filing.

This is especially important for people who bunch deductions or time large purchases. If you are deciding whether to pay a bill in late December or early January, remember that the year you pay it determines which tax year it belongs to. The same rule applies to charitable donations, medical expenses, and business expenses.

What happens if you file for the wrong tax year

If you accidentally file a 2023 return when you meant to file a 2024 return, the IRS will process it as a 2023 return. Your 2024 income will not be reported, and you may face a penalty for filing late or not filing at all. The IRS matches documents like W-2s and 1099s to the tax year printed on them, so if your employer reported your 2024 income but you filed a 2023 return, there will be a mismatch.

Most tax software prevents this mistake by defaulting to the current tax year. But if you are filing by hand or using an older version of software, double-check the year on the form before you sign and submit it. If you discover the error after filing, you can file an amended return for the correct year.

Tax years for self-employed people and business owners

If you are self-employed or own a business, you can choose to use a fiscal year instead of the calendar year. A fiscal year is any 12-month period — it might run from July 1 to June 30, or April 1 to March 31. You must request permission from the IRS to use a fiscal year, and you file your return by the deadline for that fiscal year, not the standard April deadline.

Most sole proprietors and small business owners stick with the calendar year because it is simpler and aligns with how they receive documents from clients and vendors. But partnerships, S corporations, and C corporations often use fiscal years for accounting reasons. If you are unsure which tax year you should use, a tax professional or accountant can help you decide.

How to find out what tax year to file for right now

If you are filing in early 2025, you are filing for the 2024 tax year. The deadline to file is usually April 15, 2025. If you are filing in early 2024, you filed for the 2023 tax year. The year is always the year that just ended, unless you have a fiscal year that runs on a different schedule.

Your tax software will show you the tax year when you open it. Your employer and banks will print the tax year on every form they send you. If you are ever unsure, look at the year printed on your W-2 or 1099 — that is the tax year you need to file for.

Frequently Asked Questions

Is 2024 the current tax year right now?

It depends on when you are reading this. If it is early 2025 (January through April), the current tax year you are filing for is 2024. If it is mid-2025 or later, the current tax year is 2025. The tax year is always the year that just ended, plus a few months for filing.

What if I did not receive a W-2 or 1099 for a tax year?

Contact your employer or the payer directly and ask them to send it. By law, they must send you a copy by January 31. If you still do not receive it by mid-February, you can file your return without it and report the income based on your own records, but this can trigger an IRS notice later. It is better to wait for the form or contact the IRS for help locating it.

Can I file my 2024 return in 2026 instead of 2025?

You can file late, but you will owe penalties and interest on any taxes you owe. The IRS charges a failure-to-file penalty and a failure-to-pay penalty if you do not file by the deadline. If you are owed a refund, there is no penalty for filing late, but you should file within three years to claim it.

Do I report income I earned in 2024 on my 2024 return or my 2025 return?

You report it on your 2024 return, which you file in 2025. The tax year is determined by when you earned the income, not when you file the return. If you earned it in 2024, it belongs on your 2024 return, even if you do not file until March 2025.