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Money SmartsMarch 11, 2022
With the start of every year, we begin by marking significant dates on our new calendars, from birthdays and anniversaries, to school functions and work deadlines.
Dates that might not be on your radar – but are just as important as your best friend’s birthday or your anniversary! – are IRS tax filing deadlines. We compiled a list of frequently asked questions, including important dates and IRS changes, to ensure you’re prepared to file taxes when the date comes.
When will I get my 2021 W-2?
Your employer has until January 31 to issue your W-2.
When does tax filing season officially open this year?
The IRS will start accepting and processing 2021 tax returns on Monday, January 24, 2022.
When is the tax filing deadline this year?
The tax filing deadline for most taxpayers is Monday, April 18, 2022. However, the IRS has extended the deadline to Monday, May 16, 2022 for people in states affected by recent natural disasters, including Kentucky and Colorado. Filers in Massachusetts and Maine have until Tuesday, April 19, 2022 to file their tax return, due to Patriots' Day being celebrated on April 18.
How will the advance child tax credit (IRS monthly payments) affect my tax filings?
The child tax credit is a tax credit, available in the form of either a tax refund or advance monthly payments, given to families with children under the age of 17. The American Rescue Plan that passed in March 2021 boosted the child tax credit to $3,000 per child under 17, plus an additional $600 for each child under six years old. This was temporary, and just for the 2021 tax year.
The IRS has started mailing out Letter 6419 to recipients of the advance child tax credit and will continue to do so through the end of January. This letter includes the total amount of child tax credit payments the recipient received in 2021 and the amount of child tax credit the recipient can properly claim on their 2021 tax return. If you receive this letter, hold onto it, as it will help during tax filing preparations.
If the total child tax credit you qualify for exceeds how much you received through your advance child tax credit payments, you can claim the remaining amount on your 2021 tax return. If you received more in advance payments than you qualify for, you will need to repay some or all the excess back to the IRS when filing taxes.
How do I claim a missing stimulus payment?
You may qualify for the Recovery Rebate Tax Credit if you haven’t received the third Economic Impact Payment (also known as a stimulus payment) or received only a partial payment. Confirm your eligibility and claim your funds via 2021 Recovery Rebate Credit. You must file a 2021 tax return – even if you don’t usually file taxes - to claim funds.
How long will it take to get my 2021 refund?
Most tax refunds are issued in less than 21 days. The exact timing of receiving your refund depends on a range of factors, and in some cases, the process may take longer. To speed refunds, the IRS urges taxpayers to file electronically with direct deposit information as soon as you have everything you need to file an accurate return.
How can I track my refund?
You can track the status of your IRS refund and your state refund online.
Reminder: New changes to filing charitable contributions
A special tax deduction provision will reward taxpayers who made charitable donations in 2021. This year, taxpayers don't need to itemize deductions on their tax returns to take full advantage of this new provision. Individual filers may claim a deduction of up to $300 for charitable contributions made in 2021. Married couples filing jointly can claim up to $600.