WASHINGTON (WCHM) — The 2022 tax season has arrived and the IRS has advice you should hear about the most important elements of your 2021 tax return. Whether filing electronically or by mail, get all your forms and documents in order; On Monday, January 24, the IRS begins accepting federal income tax returns.
If you received an advance child discount in 2021, please note: Letter 6419. This document states how much the Tax and Customs Administration 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. According to the Taxpayer Advocate Service – an independent organization within the IRS – If you received the payments electronically, you can also find the amount by searching your bank account for transactions labeled CHILDCTC, as of July 2021, from a company called “IRS TREAS 310.”
If you are using Form 1040 to file your taxes, you must complete the following: Schedule 8812 “to 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.