January 21, 2022

Taxes 2021: what you need to know about child discount, third incentive check

COLUMBUS, Ohio (WCHM) β€” The 2022 tax season is almost upon us, and there are some important things to know before filing your 2021 return.

The IRS will begin accepting federal income tax returns for the 2021 tax year on Monday, January 24. So, whether you’re filing electronically or by mail, you’ll want to make sure you have all of your forms and documents in order by that date if you like. to complete the task as early as possible.

If you have received advances on the child discount in 2021, you should be wary of Letter 6419. On this document you can see how much the IRS has paid in box 1. You can also find this amount on the IRS website if you have an account. Just log 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, from July 2021, with the company name of IRS TREAS 310 if you have received the payments electronically.

If you are using Form 1040 to file your taxes, you must complete the following: Schedule 8812 β€œto calculate your child tax credits, to report advances for child tax credits you received in 2021, and to calculate any additional tax due if you received too many advances for child tax credits in 2021,” according to the IRS.

Also, for filers who have received a third economic impact payment, known as a stimulus check, the IRS states it will email you Letter 6475. Another way to check the amount of your EIP is to look for: Notice 1444-C that the IRS declares was sent by mail after payments start in March 2021. You can also refer to your bank account; again, the TAS says to search 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’re not a fan of submitting ASAP, there’s good news. Tax Day 2022 is Monday, April 18. This year, Emancipation Day, a public holiday in Washington, DC, falls on Friday, April 15.

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