COLUMBUS, Ohio — The 2022 tax season is almost here, and there are some key things you’ll want to know before you file your 2021 return.
The IRS will start accepting federal income tax returns for the 2021 tax year on Monday, Jan. 24. So, whether you file electronically or by mail, you’ll want to make sure you have all your forms and documents in order by that date if you enjoy getting the task done as early as possible.
If you received advance child tax credit payments in 2021, you’ll want to be on the lookout for Letter 6419. This document will show how much the IRS paid in Box 1. You can also find this amount on the IRS website if you have an account. Just sign in and check the Processed Payments section for the credits. An additional way to find the amount, noted by The Taxpayer Advocate Service — an independent organization within the Internal Revenue Service — would be to search your bank account for transactions labeled CHILDCTC, starting July 2021, with the company name of IRS TREAS 310 if you received the payments electronically.
If you use Form 1040 to file your taxes, you’ll need to fill out Schedule 8812 “to figure your child tax credits, to report advance child tax credit payments you received in 2021, and to figure any additional tax owed if you received excess advance child tax credit payments during 2021,” according to the IRS.
Also, for filers who got a third economic impact payment, sometimes referred to as a stimulus check, the IRS states it will mail you Letter 6475. Another way to check the amount of your EIP is to find Notice 1444-C that the IRS indicates was sent out by mail after payments began in March 2021. You can also refer to your bank account; again, the TAS says to look for IRS TREAS 310 with the code TAXEIP3, or go to the IRS website and sign up for an account if you don’t already have one.
If you are not a fan of filing as soon as possible there is some good news. Tax Day 2022 will be Monday, April 18. This year Emancipation Day, a government holiday in Washington, D.C., falls on Friday, April 15.