US Tax Forms in 2022 vs 2021 - What Changed?

The 2022 filing period started on February 1, and the deadline was on April 18. This deadline also applies to Michigan income tax returns and the individual income returns for the city of Detroit. Maine and Massachusetts residents had until April 19, as they celebrated Patriots Day on April 18. Also, tax filing is also due on April 18 in California.

Child Tax Credit

Schedule 8812

If you qualify for a child tax credit, then you could file a Schedule 8812 for you to claim extra credits owed. Families that filed for child credits can expect to receive between $1,500 and $1,800 per child.

However, when filling Schedule 8812, you must carefully report any funds you received in 2021. Any inaccuracies can cause a delay when it is time to receive your tax refunds.

Letter 6419s

For instance, married couples that are filing joint returns will receive two Letter 6419s instead of one. And the two letters must be reported in Schedule 8812 when filing tax returns in 2022.

By examining Letter 6419, couples can use it to reconcile what they received in advance and what they are yet to receive. The information should be used to correctly fill Schedule 8812, Line 14f.

If the aggregate amounts shown on Letter 6419 don’t match what you report on Schedule 8812, Line 14f. The IRS notes your tax processing could be delayed. Just to be sure, you can compare your banking records with what is on Letter 6419.

Letter 6475

You are likely to have received this letter if you received a third payment in 2021. Letter 6475 has the words “Your Third Economic Impact Payment” on the top and “Letter 6475” at the bottom.

This letter determines whether you can claim the recovery rebate credit when filing your 2021 tax returns. If you disregard it or make up some numbers, then your filing won’t be processed on time.

That’s even if you received both the stimulus payment and child tax credits. However, you are not required to repay any amount of the third stimulus. But you need to hold onto the Letter 6419 and Letter 6475.

Unemployment Taxes

In 2022, jobless benefits that you received on your federal income will be taxed. Any benefits of up to $10,200 will be taxed. This is in contrast to 2021, where those with modified adjusted gross incomes of less than $150,000 in 2020 received a temporary tax break.

2020 IRS Tax Delays

If 2020 tax returns have been delayed, the IRS recommends that you simply go ahead and file this year’s tax returns. In order to proceed with filing, the IRS recommends you enter $0 (zero dollars) as 2021’s AGI tax return.

As of December 2021, IRS reported having a backlog of 6.2 million unprocessed 1040 individual returns. Moreover, it also had a 2.4 million backlog of unprocessed amended individual returns of Form 1040-X.

Premium Tax Credit

If you buy health insurance through an Obamacare exchange on your own, then you can pay lower premiums in 2021 and 2022. And you have the American Rescue Plan Act to thank for that.

You can claim the lower credits as long as your income is above 400% of the federal poverty line. However, any excess payments made on your behalf in 2021 must be repaid. You should use Form 8692 to reconcile your premium tax credit and the advance payments.

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