2022 IRS Tax Advice: What You Need to Know About Child Credit and Stimulus Checks

Since more Americans begin to think about filing tax returns, we are getting to know more regarding what’s new, and what should be kept in mind by you along with a credit that could aid you to get even more money back.

The foremost thing you should do before filing your taxes is to ensure that you have got all the paperwork prepared, such as your W-2 or 1099.

Yviand Serbones Hernandez with the Internal Revenue Service said “We don’t want to scare people that if they don’t file an accurate tax return like, they’re gonna get in trouble. If there are any discrepancies it’s just will result in a delay and you’ll be informed of that.”

This is the reason it’s essential to cross-check your all documents ahead of filing. As of now, you should have received certain information in the mail from the Internal Revenue System, for instance, informing you about a stimulus check last year.

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Serbones Hernandez said “You don’t need the letters. What you need is the information.”

All the Information Is Available Online Also

You don’t need to panic in a case where you lost it or forgot, that information is available for you online as well. All you need is only to create an account at irs.gov. 

So, coming to what’s new this year, many parents were provided with the option to receive an advance on their child’s tax credit. If that’s you, you also should have received a letter from the IRS regarding it and you will be required to mention that amount.

child credit and stimulus checks
child credit and stimulus checks

If you are filing jointly as a couple, each person should have gotten half of the entitled amount, so those amounts need to be combined by you together with if you file jointly to get the actual total of advance payments you get.

Even though you don’t have children, there are credits you could be entitled to, such as the earned income tax credit. It typically benefits many individuals and families having low to moderate earnings. The amount has risen from $500 to $1,500 for eligible single people.

Serbones Hernandez said “Eligible ages before were 25 to 64. Now it’s 19 and there’s no cap of age.”

Additionally, there are also more tools on the IRS website about getting an estimate on that refund or tracking where the money is.

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