Will the tax filing season in 2022 be regular? According to tax expert Ken Berry, it’s unlikely that everything will remain the same in Spring 2022 as in 2019.
Covid-19 will remain a worry, specific stimulus tax provisions will continue to be difficult for some filers, and new tax regulations may be enacted between now and then, adding to the complexity.
However, the income tax filing procedure will most likely be closer to normal than in 2020 or 2021. Both had prolonged filing deadlines owing to IRS office closures, tax court closures, and IRS and tax company workers being unfamiliar with remote working.
In other words, be prepared to file your taxes (or request an automatic extension) by Monday, April 18, 2022. (How about April 15, Day of Emancipation.) The bright side is that the filing of federal and state income tax returns should return to normal.
In addition, when taxpayers file, they may usually expect to get their tax refund (through check or direct transfer) within 2-3 weeks.
Historically (i.e., pre-Covid), the IRS begins receiving tax returns in the last week of January. However, if crucial new tax legislation is implemented before the end of the year, the start of tax season might be delayed by a week or two.
As a result, early tax filers who are due a refund might frequently get them as early as February.
Taxpayers who might claim the Earned Income Tax Credit or the Child Tax Credit, on the other hand, often have their refunds delayed by roughly one month while the IRS checks their eligibility for these benefits.
Even though the Covid-19 outbreak had a significant impact on the previous two tax filing seasons, and the IRS extended both deadlines, the IRS is unlikely to extend the tax filing deadline for 2022.
Based on the current information and forecasts based on recent years, the chart below gives an expected timeframe 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’ve filed, contact your tax professional or utilize the IRS website’s “Where’s My Refund?” option. You may also check your refund status by downloading the IRS2Go app.
Most Americans who expect an income tax refund receive it by direct deposit in as little as two weeks, but this can take longer during the filing season, which begins in late March.
So, as soon as you have all of your tax paperwork, you should e-file your tax return (like your W2, 1099s, mortgage and student loan interest, and other items). Several factors can influence when a person receives their tax return, including:
- When do they file?
- If the taxpayer is eligible for certain tax breaks (especially EITC and CTC)
- Whether the return is e-filed or mailed
- Whether the taxpayer owes the federal government any money.
- The Covid stimulus payments paid earlier in the year will not affect your income tax refund.
Because these benefits are frequently exploited, the IRS will delay processing by 2-3 weeks if an income tax return includes the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC).
The extra period allows the IRS to confirm if taxpayers are eligible for the credits. So, here’s the graph you’ve been searching for. If the IRS changes the tax season this year, we will update this table.
Also, keep in mind that this is only an estimate of when you may anticipate your refund. It is not accurate because every 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 inquire about the projected date of their tax return. As a result, they can be more confident that their taxes have been submitted correctly (and lawfully).
There are also applications for Apple, Android, and other devices that may help you follow the status of your refund.
Other Remarks: According to the IRS, refund returns are processed, and payments are provided within 21 days. Meanwhile, paper filers may have to wait much longer. As a result, the IRS and tax professionals aggressively advocate for electronic filing.
What if You Can’t File Your Income Taxes by April 15?
Taxpayers who do not have all of the documents must submit their taxes as quickly as possible. Then file a form called “Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.”
The individual will have till October 15 to file their tax return as a result of this. There is no need for 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 sought a filing extension. Again, this is something that a professional can help you with. Those entitled to a refund must typically only file an extension request by April 15. This procedure may be completed by any tax expert or any do-it-yourself tax software.