The Internal Revenue Service announced today that the 2022 tax filing season will open on Monday, January 24, 2022. That’s when the IRS begins accepting federal income tax returns for the 2021 tax year whether you file electronically or on paper. This is the third coronavirus pandemic tax filing season, and again, it is expected to create complications in filing.
“The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax returns and refund processing do not face delays. Electronic with direct deposit It’s more important to file and avoid paper tax returns. IRS Commissioner Chuck Rattig said, “And we urge extra attention to those who received economic impact payments or advance child tax credits last year. People should ensure that they report the correct amount on their tax returns to avoid delays. ,
For most taxpayers, the due date to file and pay is Monday, April 18, 2022, not the usual 15 because that is Emancipation Day. Taxpayers in Maine or Massachusetts have until April 19, 2022 to file their returns due to the Patriots Day holiday in those states. Victims of tornadoes in Illinois, Tennessee and Kentucky and victims of wildfires in Colorado will have until May 16 to file and pay. Taxpayers requesting an extension will have until Monday, October 17, 2022, to file.
The fastest way to get your tax refund? File electronically and choose Direct Deposit.
Like last year, some individuals who are not technically required to file tax returns need to file to claim the 2021 Economic Impact Payment aka Incentive Payment and/or to reconcile advance payment of Child Tax Credit. Will be
How can you get started fast on filing? Look for the specific W-2 and 1099 forms you’ll need to file. But also watch out for the two new letters the IRS is sending to most taxpayers, one about 2021 advance child tax credit payments and another about 2021 stimulus payments.
For the child tax credit, you must tally the amount sent to you by the IRS as an advance payment last year with the amount you actually owe. Most taxpayers received half of the 2021 Child Tax Credit in monthly payments in 2021 and the other half when they file their tax returns. In December, the IRS began sending Letter 6419 to provide the total amount of Advance Child Tax Credit payments received in 2021. You have to mention this while filing. If you have received less than the amount you are eligible for, you will claim a credit for the remaining amount on your 2021 return. If you have received more than the amount you are eligible for, you may be required to pay some or all of that extra payment when you file.
The 2021 Economic Impact Payment aka Incentive Payment True Up works a little differently. If you have received the full amount for your stimulus payment, you will not include any information about it when you file your 2021 tax return. The IRS says it will begin issuing Letter 6475, Your Third Economic Impact Payment, in late January 2021 to individuals receiving third payments and/or plus-up payments. While most eligible people have already received their incentive payments, this letter will help individuals determine whether they are eligible to claim the recovery rebate credit for missed incentive payments.
The IRS expects more than 160 million 2021 tax returns to be filed. Most refunds will come within 21 days for taxpayers who choose direct deposit. By law, the IRS cannot issue a refund that includes the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February, although you can still file your return by the date January 24. The IRS Free File Program, available to taxpayers who earned $73,000 or less in 2021, opens on January 14.