2022 Tax Day is closing in — and for many, it’s a day focused on two things: Deadlines, and refunds.
This year, the filing date is later than usual.
Here’s what you need to know about the 2022 tax deadline, and tax refunds this year.
When is the 2022 Deadline to File Taxes?
While most Americans will have filed their taxes prior to Tax Day — which generally falls on April 15 — that isn’t the deadline for filing this year.
Instead, the vast majority of Americans will have to file their taxes by Monday, April 18.
The date change is due Emancipation Day, a holiday observed in Washington D.C. marking the freeing of slaves, that is celebrated on April 16.
Federal employees are given the day off, including at the Internal Revenue Service.
This year, April 16 falls on a Saturday, meaning that the nearest weekday is on the 15th of the month.
As a result, the deadline for tax filing is pushed forward to April 18.
How soon are tax refunds issued?
According to the IRS, one out of 10 refunds is issued in less than 21 days.
As of the week ending April 1, the IRS has sent out more than 63 million refunds worth over $204 billion.
What’s the Average Tax Refund?
The average refund is $3,226, according to the IRS.
How Can I Check the Status of my Tax Return?
The Illinois Department of Revenue said “in addition to free filing of Form IL-1040 through MyTax Illinois, individuals may also utilize the site to make payments, respond to department inquiries, and check the status of their refunds using the Where’s My Refund? link.”
Taxpaers can also calling the automated refund hotline at 1-800-829-1954.
“Where’s My Refund?” can be used to check the status of a tax return within 24 hours after an e-file acceptance notification is received.
The “Where’s My Refund?” tool is updated only once every 24 hours. If it’s been more than 21 days since a tax return was e-filed or more than six weeks since mailing a return, taxpayers can call a tax help hotline to talk to a representative.
What if I’m Still Awaiting my 2020 Tax Return?
The IRS says it “continues to make progress in this area and has taken numerous steps to help address this issue.”
If you are still awaiting a 2020 tax return, you do not need to wait for it to be fully processed in order to file your 2021 taxes.
According to the IRS, those with unprocessed 2020 tax returns, should enter $0 (zero dollars) for last year’s AGI on their 2021 tax return when electronically filing.
What About the Earned Income tax Credit?
Are you eligible for an earned income tax credit? If you weren’t last year, that may have changed.
Under new guidelines, more people without children qualify to receive the federal Earned Income Tax Credit (EITC), the federal government’s largest refundable tax credit for low- to moderate-income families, according to the Internal Revenue Service.
The tax claim could help taxpayers get an even bigger return, but according to the Illinois Department of Revenue, many Illinois residents are missing out.
The EITC and its Illinois counterpart, the Illinois Earned Income Credit (EIC), could bring bigger returns for eligible filers. But you’ll need to claim it on your tax return in order to see the benefits.
In a change from past years, the federal credit is now available to more younger workers and senior citizens without children. To qualify, workers must be at least 19 years old and older than 64, according to the IRS. Previously, the credit for those with no dependents was only available for people age 25 to 64.Read More….
Source By: nbcchicago