Why You May Need a 2023 1040 Form in 2025
The 2023 version of Form 1040 is only relevant for taxpayers filing their 2023 taxes. If you’re filing a 2024 tax return, you’ll need the updated 2024 Form 1040, as the IRS requires the current-year form for current-year tax returns.
Filing Overdue 2023 Taxes
The deadline for submitting a 2023 tax return was April 15, 2024. If you successfully obtained a six-month extension by completing Form 4868, your return was due on October 15, 2024.
Filing a late return may result in penalties and interest on an unpaid tax liability. However, you can use the 2023 1040 form to manage your responsibilities.
Filing for Deceased Taxpayers with a Delayed Return
You may need to prepare a final tax return for someone who passed away in 2023. You can file their return if you’re a surviving spouse or appointed representative. You’ll use the 2023 form to close their 2023 taxes, settle any tax debts, or request a refund if one’s due.
Paying Back Taxes
If you think you owe taxes for 2023, file your return as soon as possible. If you earned income from a job, self-employment, investments, or other sources in 2023, you likely need to file and pay what you owe using the 2023 Form 1040.
Filing late doesn’t erase the taxes owed, but it’s an important first step to avoid further penalties and get back on track.
Even if you can’t pay everything now, it’s better to file to avoid more penalties. You might qualify for a payment plan to pay off what you owe.
Claiming a 2023 Refund
There’s a silver lining to filing a late return—you may find out that the IRS owes you money. The only way to know is by preparing your 2023 return.
You can claim a refund for the 2023 tax year by the later of three years from the date you filed your tax return (April 15, 2027, if it was on time) or two years from the date you paid the tax.
Checklist for Filing a 2023 1040 Form in 2025
Completing a late tax return isn’t too different from the normal process. You’ll provide the same details you would for any other year: earnings, deductions, and personal information.
If you usually prepare your taxes using an online platform, you might be able to e-file. However, some platforms don’t allow late e-filing after October of the year the taxes are due, so you may need to file your return manually and mail it in.
Regardless of the method you use, here are some steps to make the process as seamless as possible.
1. Obtain a Tax Transcript
Filing late can make it tricky to know what income to report. A tax transcript from the IRS lists income sources, like wages and dividends, tied to your taxpayer identification number (TIN). While helpful, it doesn’t replace original income forms, so request those from employers to avoid discrepancies.
Request a Tax Transcript
Use Form 4506-T to request a tax transcript.
2. Collect Personal Information
The 1040 form includes an area for your name, address, TIN, and filing status. You’ll also share the details of any dependents you’re claiming and their Social Security numbers. Have the information on hand so you can include it on your form.
3. Gather Income Documents
Did you earn any income from a job or other source in 2023? Get together any income reporting documents you received to include their numbers on your 1040.
You may not receive an information return if your earnings don’t meet the form’s thresholds. For example, making less than $600 from one source won’t prompt a business to send you 2023 Form 1099-MISC, Form 1099-NEC, or other IRS tax forms. But you still need to report the income for tax purposes.
If you think you might have income from an unreported source, check your 2023 monthly bank statements.
4. Locate Deduction & Credit Records
The 1040 form gives you a choice between itemizing or taking the standard allowable amount. The standard deductions for 2023 taxpayers are $27,700 (married filing jointly), $13,850 (single or married filing separately), and $20,800 (head of household).
If you think itemizing may qualify you for a larger deduction than what the IRS automatically grants, gather any related supporting documentation. Examples include medical bills, charitable donation receipts, and home mortgage statements.
There are also several tax credits available on the 1040. You might qualify for a credit if your income falls below a certain level, you have young kids, or you’re funding undergraduate tuition. If you’re unsure whether you’re eligible for a credit, review the 2023 Form 1040 instructions.
5. Complete Your Return & Submit
Once you’re done, check your 1040 carefully for math mistakes or errors in your personal information. A simple transposed number may lead to an inquiry, so spending a few extra minutes reviewing the form can help you avoid follow-ups.
Once you’ve reviewed your 1040, share it with the IRS. Verify you’re sending it to the right address based on where you live. There are several different processing centers, so make sure it goes where it’s supposed to. The address may differ if you need to include a tax liability payment with your return.
Late Filing Penalties for the 2023 1040 Form
Filing your tax return, even past the deadline, is a step toward getting back on track with the IRS and minimizing additional costs.
The IRS may apply penalties, but understanding them can help you make informed decisions. For example, the Failure to File penalty for Form 1040 in 2023 starts at $485 or 100% of the unpaid tax, whichever is lower, for returns filed more than 60 days late.
If you owe taxes, filing promptly can reduce penalties. A Failure to Pay penalty adds 0.5% of your unpaid balance per month and is capped at 25%. Even if you can’t make the full payment, filing and paying a partial amount shows you have good intentions and reduces the potential penalties.
While interest continues to grow on unpaid taxes, acting minimizes additional charges and shows your effort to resolve the situation. Taking proactive steps toward compliance ensures a smoother process with the IRS.
How to Reduce Penalties for Late Filing
Fines can add up, but you can always request penalty relief. If you have a solid payment history with the IRS and a good reason for delaying your return, ask for a reprieve. They may be willing to look past your late filing—which can save you money.
Explore some specific ways to reduce penalties for late filing:
- Payment Plan: Request an installment agreement with the IRS via Form 9465, which is available on the IRS website.
- Penalty Abatement for Reasonable Cause: You may be able to lower or eliminate penalties and interest if you have a valid reason for filing or paying late, such as a health condition or natural disaster.
- First-Time Penalty Abatement: You may qualify for a one-time penalty waiver if you have no history of late filing or payments.
- Offer in Compromise: The IRS may let you settle your tax debt for less than what you owe if you prove that paying the full amount would hurt you financially.
Why You Should File Form 1040 Even If You’re Late
If you’re late filing your 2023 Form 1040, you may be tempted to skip it altogether. However, it’s important for you to still file even if you are late. Filing late lets you get up to speed on your tax obligations, avoid further penalties, and stop interest from accumulating.
Plus, the IRS issues refunds for up to three years, so you can still claim yours in 2025 if the IRS owes you money.
Furthermore, filing late can protect your access to future benefits like loans, visas, and credit applications that may ask for proof of tax compliance.
Legal Considerations
If you have unique concerns about late filing or using the 2023 Form 1040, we recommend speaking with a qualified tax advisor. An advisor can help you address special circumstances, including unpaid taxes, penalties, and interest.
Keep in mind that you may have state income tax obligations, too, depending on where you live. A local tax advisor can help you work through filing a late state tax return.
How Legal Templates Helps
Remember, filing late is better than not filing at all. You can use our PDF editor to edit and save your 1040 form for 2023. Review your form in a digital format and easily check it for mistakes.
Once you’ve completed your return, you can print it and mail it to the correct IRS address. Don’t forget to include a payment for any outstanding tax. This way, you can keep any penalties and interest to a minimum.
