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When does the tax year start and end Form: What You Should Know
Calendar Year versus Fiscal Year The Taxpayer's Year A tax year is the 12-month period starting January 1 and ending December 31. However, a taxpayer in the calendar year must be able to show that the taxpayer's earnings and income for the year were for the year during which he or she was an eligible taxpayer for the 12-month period. The following is a timeline explaining these periods: The taxpayer receives the tax return (Form 1040, 1040A or 1040EZ) by April 14, which is the last day for filing for the calendar tax year in the same year. Forms 1038 for the year are mailed the day after the form is due. Form 1040s and 1040A/B return are due by April 17 for the calendar year and May 15 for the fiscal year. Form 1040NR is mailed by March 17. Taxpayers must show the date on Form 1040, 1040A/B, 1040NR, or 1040NR-EZ (depending on their filing status) that they are an eligible taxpayer for filing for the year prior to the filing of the forms under the calendar year. The end of the tax year must coincide with or be after the last day for filing a form with the Internal Revenue Service (IRS). A taxpayer cannot start a new calendar year taxpayer year at any time after January 1, 2017. The Income Tax Year An income tax year is the 12-month period starting January 1 of the same taxable year in which the taxpayer becomes an eligible taxpayer for filing for the tax year. The IRS will issue an assessment of tax to an eligible taxpayer for income tax periods beginning on or after January 1. Example #1: A taxpayer is eligible for filing through the calendar year under Form 1040EZ but must report his gross income for the calendar year starting with Form 1040, as well as the income tax withholding for all the income tax periods. (Form 1040-EZ is one form that can be used for the calendar year. If the taxpayer has made any investments or deductions that would affect his/her tax return (such as interest, annuity income, etc.
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