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Everything You Need To Know For the 2022 Tax Season

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AffinityFCU Tax season
By: AffinityFCU

Date: February 7, 2022

Tax season is officially underway, and as of January 24th, American’s across the country can now file for taxes. This tax season is expected to be hectic, so it is best to file your taxes as soon as possible after you have access to all documents necessary.

But before you file this season, it's important to be aware of important upcoming dates which include:

  • January 24 - Tax season officially begins; IRS begins accepting and processing 2021 tax returns.
  • April 18 - Last day to file 2021 tax return OR request an extension.
  • October 17 - Last day to file 2021 tax returns for those who requested an extension.

It is expected to be a challenging tax season for those who have recently started their own business, or those who have received the Child Tax Credit, so it’s important to keep these dates in mind. If you know that your situation has changed from years past, it might be wise to consider filing for an extension.

What you’ll need to file

Now that you are aware of the key dates associated with tax filing for this year, it's important to get organized, and understand what documents you’ll need for this year, and what’s different for 2022. It’s important to file after you have all necessary documents in your possession to avoid delays and ensure the quickest turnaround time for your tax return.

Before filing for your taxes, the IRS recommends having the following tax record documents in your posession:

  • W-2 forms from your employer(s)
  • 1099 forms, which are typically issued by banks, unemployment compensation, dividends, distributions from a pension, annuity or retirement plan
  • Form 1099-K, 1099-MISC, W-2 or other income statement, required for those who received payment from anyone besides their employer

Did you receive a Child Tax Credit or Economic Impact Payment?

After having all necessary documentation organized and in order, you can now file for your 2021 tax return. Some important things to keep in mind that are new for 2022 are related to the Child Tax Credit and the Recovery Rebate Credit. If you have received unemployment benefits or the Child Tax Credit, it is important to have the necessary documentation to avoid confusion or delays.

The IRS began sending Letter 6419 in late December of 2021 and into January 2022 to those who received an advance Child Tax Credit in 2021. You’ll need this document when filing your 2021 return to compare the amount in advanced child tax credit you received, to the amount you were eligible for.

The IRS began sending Letter 6475 in late January to those who received the third stimulus payment. If you did not receive the third stimulus check, you may be eligible for the Recovery Rebate Credit, and you must file a 2021 return in order to receive the credit.

When filing for your 2021 tax return, it is recommended to file online, and to use direct deposit to avoid any delays. Those eligible to receive income tax return payments can expect to receive their money 21 days after filing. The IRS also offers Free File option to those who made less than $73,000 in 2021. Free File is an online service that offers guided tax preparation.

With the difficulties expected this year surrounding tax season, it is important to stay organized and make sure you have all documentation needed, keep key dates in mind, and try to file online if possible to ensure the smoothest process in filing your taxes.

This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments.

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