TAS Tax Tip: File Your 2021 Tax Return to Claim Certain Credits Before Time Runs Out to Use IRS Free File Options!
October 28, 2022 – The Taxpayer Advocate Service shares information to help taxpayers claim credits on their 2021 tax returns.
Hurry – time is running out to claim your credits on your 2021 federal income tax return using the IRS’s Free File! The Taxpayer Advocate Service (TAS) wants to educate individuals about claiming the Recovery Rebate Credit, the Child Tax Credit, or the Earned Income Tax Credit, and the upcoming deadline for using IRS Free File. You may be eligible to receive the full amount of these credits, even if you have little or no income, or are not usually required to file a federal income tax return. IRS Free File allows you to electronically prepare and file your federal income tax return for free using software at an IRS partner site or fillable forms.
What are the criteria for these credits?
Earned Income Tax Credit
Recovery Rebate Credit
Child Tax Credit
· For stimulus payment amounts you did not receive in 2021
· U.S. citizen or resident alien
· Must have Social Security number (SSN) valid for employment
· Worth up to:
o $1,400 per eligible adult plus
o $1,400 per qualifying dependent
· See Understanding Your Letter 6475 for more information.
· Up to $3,600 for each qualifying child ages 5 and under at the end of 2021
· Up to $3,000 for each qualifying child ages 6 through 17 at the end of 2021
· Each qualifying child must have an SSN valid for employment
· You may have received up to half of this amount through monthly payments in 2021. You must file a tax return to receive the rest. See Letter 6419 for more information.
· Helps low and moderate-income workers and families
· Based on your wages and income from self-employment
· U.S. citizen or resident alien
· Must have an SSN valid for employment
· Worth up to:
o $1,502 with no qualifying children
o $3,618 with 1 qualifying child
o $5,980 with 2 qualifying children
o $6,728 with 3+ qualifying children
The fastest and most secure way to receive your refund is by electronically filing your return and having any refund direct deposited. The deadline to use the IRS’s Free File will close at midnight, Eastern Time, on November 17, 2022.
Here are some other tips to help you prepare to file your 2021 federal income tax return:
What you need to gather to file
SSNs or Individual Taxpayer Identification Numbers for yourself and anyone else listed on your tax return.
Wage and income information (collect any W-2s or 1099s you have received). You can order copies of wage and income statements online after creating an Online Account.
Bank account and routing number for direct deposit of a refund.
How to find tax return preparation help
FAQs Directory of Federal Tax Return Preparers with Credentials and Select Qualifications | Internal Revenue Service (irs.gov)
Choosing a Tax Professional
Directory of Federal Tax Return Preparers with Credentials and Select Qualifications
More information
The Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs offer free basic tax return preparation to qualified individuals. Low Income Taxpayer Clinics (LITCs) are also available to assist low-income individuals who have a tax dispute with the IRS. LITCs also provide education and outreach to individuals who speak English as a second language.
TAS Resources
Get Help: Filing Returns
Get Help: Credits
Get Help: Claiming the Earned Income Tax Credit
Get Help: Consequences of Not Filing
Low Income Taxpayer Clinics
IRS Resources
IRS Free File Options
Find Forms & Instructions: https://www.irs.gov/forms-instructions
Get Your Refund Status: https://www.irs.gov/refunds
Your Online Account: https://www.irs.gov/payments/your-online-account
Visit TAS’s Get Help center for a list of tax topics to assist you with resolving many tax-related issues.
For more updates from TAS, visit the news and information center to read the latest tax tips, blogs, alerts, and more.
The post TAS Tax Tip: File Your 2021 Tax Return to Claim Certain Credits Before Time Runs Out to Use IRS Free File Options! appeared first on Taxpayer Advocate Service.