Money·2 min read

theSkimm on Tax Season 2022

tax season 2022
Design: theSkimm
March 9, 2022

Tax season 2022 officially opened in January and most taxpayers have until April 18 to file. The IRS has already warned of major backlogs that will lead to delayed refunds, so it’s more important than ever to get your return done accurately and on time. Psst…check out our guide to tax forms to make sure you have the right papers handy.

Whether you’re a DIY-filer or you hit up a trusted family member to help, it’s good to keep in mind changes that are specific to this tax year when you’re filing. Things like…

Child tax credits

If you received advanced child tax credit payments in 2021, keep an eye out for Letter 6419 from the IRS. It will help you claim the other half of your credit and make sure you report your payments correctly. 

Economic impact payments

Aka stimulus checks (or stimmies, if you're feeling spicy). You should receive Letter 6475 if you got a stimulus check last year. And if you missed one, this letter will help you get what you’re owed.

Unemployment benefits 

Though the federal government waived taxes on up to $10,200 in unemployment benefits per person in 2020, folks won’t get that same break for 2021. So any unemployment benefits you received in 2021 are taxable income. 

Talk deadlines to me…

Note that Tax Day is a little later than usual this year due to the observance of Emancipation Day. Taxpayers in Maine and Massachusetts have an extra day — until April 19 — to file due to Patriots’ Day. And if you are approved for an extension, you’ll have until October 17 to officially file. But if you owe money, you still have to pay it on time or risk penalties.

theSkimm

Last year’s pandemic aid helped many Americans stay afloat or even get ahead (hi, savings). It also means small changes to tax filing for this year. Make sure you have all the info you need to get your taxes done right.

Subscribe to Skimm Money

Your source for the biggest financial headlines and trends, and how they affect your wallet.

fbtwitteremail