Will the 2022 tax filing season be regular? According to tax expert Ken Berry, everything is unlikely to stay the same in the spring of 2022 as in 2019.
Covid-19 will remain a concern, specific stimulus tax provisions will continue to be difficult for some filers, and new tax regulations may be enacted by then, adding to the complexity.
However, the income tax filing process will most likely be closer to normal than in 2020 or 2021. Both had extended filing deadlines due to IRS office closures, shutdowns tax courts and that IRS and tax company employees were unfamiliar with remote work.
In other words, be ready to file your taxes (or request an automatic extension) by Monday, April 18, 2022. (How about April 15, Emancipation Day.) The silver lining is that filing of federal and state tax returns should return to normal.
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Additionally, when taxpayers file their return, they can generally expect to receive their tax refund (by check or direct deposit) within 2-3 weeks.
Historically (i.e. pre-Covid), the IRS starts receiving tax returns the last week of January. However, if crucial new tax legislation is implemented before the end of the year, the start of tax season could be delayed by a week or two.
Therefore, early filers who need to receive a refund can often get them as early as February.
Taxpayers who could claim the earned income tax credit or the child tax credit, on the other hand, often see their refunds delayed for about a month while the IRS verifies their eligibility for these benefits.
Even though the Covid-19 outbreak has had a significant impact on the previous two tax filing seasons and the IRS has extended both deadlines, it is unlikely that the IRS will extend the tax filing deadline for 2022.
Based on current information and forecasts based on past years, the table below gives an expected time frame for when a taxpayer is likely to get their refund, depending on when they submit their return.
If your IRS income tax refund is delayed after you file, contact your tax professional or use “Where’s my refund?” from the IRS website. option. You can also check the status of your refund by downloading the IRS2Go app.
Most Americans expecting an income tax refund receive it by direct deposit in as little as two weeks, but it can take longer during filing season, which begins in late March.
So, as soon as you have all of your tax documents, you should file your tax return electronically (like your W2, 1099, mortgage and student loan interest, and other items). Several factors can affect when a person receives their tax return, including:
- When do they deposit?
- Whether the taxpayer is eligible for certain tax reliefs (including EITC and CTC)
- Whether the declaration is submitted electronically or by post
- If the taxpayer owes money to the federal government.
- Covid stimulus payments paid earlier in the year will not affect your income tax refund.
Because these benefits are frequently taken advantage of, the IRS will delay processing for 2-3 weeks if a tax return includes Earned Income Tax Credit (EITC) or Child Tax Credit (CTC).
The additional period allows the IRS to confirm whether taxpayers are eligible for the credits. So here is the chart you were looking for. If the IRS changes tax season this year, we will update this table.
Also keep in mind that this is only an estimate of when you can anticipate your refund. This is not accurate because each taxpayer has a different return and scenario.
Hire a professional to be on the safe side
Taxpayers who work with a professional, such as a CPA or EA, can find out when their tax return is due. As a result, they can be more confident that their taxes have been submitted correctly (and legally).
There are also apps for Apple, Android, and other devices that can help you track your refund status.
Other remarks: According to the IRS, refund returns are processed and payments are made within 21 days. Meanwhile, paper filers may have to wait much longer. As a result, the IRS and tax professionals are aggressively advocating electronic filing.
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What if you can’t file your tax return by April 15?
Taxpayers who do not have all the documents should file their taxes as soon as possible. Next, fill out a form called “Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return”.
The individual will have until October 15 to file their tax return following this. There is no need to have a cause or an excuse to acquire this extension, and as the term suggests, it is provided automatically.
If a person owes taxes, they must pay those taxes by April 15, even if they have requested a filing extension. Again, this is something a professional can help you with. Those eligible for a refund generally don’t have to file an extension request until April 15. This procedure can be done by any tax professional or any do-it-yourself tax software.