The Internal Revenue Service announced today that the 2022 tax filing season will open on Monday, January 24th, 2022. That’s when the IRS will start accepting federal income tax returns for the 2021 tax year whether you file electronically or on paper. It’s the third coronavirus pandemic tax filing season, and again, that’s expected to cause complexities in filing.
The Internal Revenue Service announced today that the 2022 tax filing season will open on Monday, January 24th, 2022. That’s when the IRS will start accepting federal income tax returns for the 2021 tax year whether you file electronically or on paper. It’s the third coronavirus pandemic tax filing season, and again, that’s expected to cause complexities in filing.
For most taxpayers, the due date to file and pay is Monday, April 18, 2022, not the typical day 15 because that is Emancipation Day. Taxpayers in Maine or Massachusetts have until April 19, 2022 to file their returns due to the Patriot Day holiday in those states. Tornado victims in Illinois, Tennessee and Kentucky, and wildfire victims in Colorado will have until May 16 to file and pay. Taxpayers requesting an extension will have until Monday, October 17, 2022 to submit it.
The fastest way to get your tax refund? File electronically and choose direct deposit.
Like last year, some people who are not technically required to file a tax return will need to file it to claim the 2021 Economic Impact Payment, also known as the Stimulus Payment, and / or to reconcile Advance Tax Credit payments. for children.
How can you get off to a good start in your presentation? Find the typical W-2 and 1099 forms you will need on hand to file. But also keep an eye out for two new letters the IRS is sending to most taxpayers, one about the 2021 child tax credit advance payments and the other about the 2021 stimulus payment.
For the child tax credit, you must reconcile the amount the IRS sent you upfront last year with the amount that you actually get. Most taxpayers got half of the 2021 child tax credit in monthly payments in 2021 and will get the second half when they file their taxes. In December, the IRS began sending Letter 6419 to provide the total amount of advance Child Tax Credit payments received in 2021. You'll need to refer to that when you file your return. If you earned less than the amount for which you are eligible, you will claim a credit for the remaining amount on your 2021 return. If you received more than the amount for which you are eligible, you may need to return part or all of that payment in excess when you apply.
The 2021 economic impact payment, also known as the stimulus payment, works a little differently. If you received the full amount of 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, to people who received a third payment and / or additional payments in 2021 at the end of January. While most eligible individuals have already received their stimulus payments, this letter will help individuals determine if they are eligible to claim the Missing Stimulus Payments Recovery Refund Credit.
The IRS expects more than 160 million tax returns to be filed by 2021. Most refunds will arrive within 21 days for taxpayers who choose direct deposit. By law, the IRS cannot issue a refund involving the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February, although you can still file your return as of January 24. The IRS Free File program, available to taxpayers who made $ 73,000 or less in 2021, will open on January 14.
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