IRS will finally let most Americans file taxes online next year

Starting from the next tax year, a significant transition is underway for most US taxpayers as they will be able to file their taxes entirely paperless with the Internal Revenue Service (IRS). This move is part of the IRS's broader initiative to achieve total paperless processing by the 2025 tax season. The goal is to save approximately 200 million sheets of paper annually and significantly reduce tax processing times.

This transition to paperless filing is not intended to replace existing tax preparation services like TurboTax. However, taxpayers will have the option to switch to paperless filings in 2024, potentially leading to faster refund processing times by several weeks.

The adoption of digital filings will have several benefits for both taxpayers and the IRS. Correspondence that requires document verification will no longer rely on traditional mail, reducing processing times and potential delays. The IRS currently allows taxpayers to submit their Form 1040 online, but the transition to paperless will involve making many other paper-only documents digital, with further advancements in this direction anticipated by 2025.

In response to the growing use of smartphones for computing needs, the IRS will also design forms that are more compatible with smaller screens. The agency estimates that over 94% of individual taxpayers will no longer need to mail any paper documents. By 2025, all mail-in filings to the IRS will be digitized and processed electronically.

Currently, the IRS receives approximately 76 million paper tax returns and forms, along with 125 million other pieces of conventional mail each year. The transition to paperless filing aims to improve efficiency, reduce costs associated with physical document storage, and streamline the tax filing process for both taxpayers and the IRS.

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.