As the tax filing deadline approaches, millions of households across the United States are still working to submit their 2022 returns. The IRS has already processed over 100 million income tax returns this season, leaving a significant number yet to be filed.
For those facing a last-minute scramble, the IRS offers a range of resources and tools to assist taxpayers. These include guidance on filing, refund status checks, answers to tax law questions and research materials available on IRS.gov. Taxpayers can also obtain an automatic six-month extension to file, though this does not extend the time to pay any taxes owed.
Disaster Relief and Extensions
Individuals impacted by federally declared disasters may already have extended filing deadlines. For example, residents of most of California – representing 10 to 15 percent of all federal filers – have been granted an extension until to both file and pay, according to an IRS spokesperson. The IRS provides a dedicated page with specific extension dates for each disaster area.
Members of the armed forces currently or recently stationed in a combat zone are also eligible for extended deadlines, typically 180 days from the date they leave the combat zone. Detailed information on these extensions is available in IRS Publication 3.
Filing Requirements and Potential Refunds
Taxpayers with limited or no income – generally less than $12,950 for single filers and $25,900 for married couples – may not be required to file a return. However, filing may still be beneficial to claim refundable tax credits, such as the Earned Income Tax Credit. The IRS provides a tool to help individuals determine if they are required to file.
For qualifying taxpayers, IRS Direct File remains an option for filing directly with the IRS. This free service is available in 25 states and accessible via mobile phones, laptops, tablets, or desktop computers. An eligibility checker is available to determine if a taxpayer qualifies. IRS Free File is also available for submitting an extension of time to file, regardless of income.
Income Sources Beyond Employment
Many taxpayers may overlook income sources beyond their primary employment. Reportable income can include interest earned on savings, investment income (dividends and capital gains), pay from part-time or seasonal work, unemployment benefits, Social Security benefits, tips, gambling winnings, and income from rental properties.
Organizing Tax Documents
Taxpayers should have received necessary tax documents – such as W-2s, 1099s, and SSA-1099s – from employers, banks, and other institutions. If a document is missing, it’s advisable to check email and online accounts for electronic delivery. Key forms to look for include:
- W-2 from wage or salaried jobs
- 1099-B for capital gains and losses on investments
- 1099-DIV for dividends and distributions from investments
- 1099-INT for interest over $10
- 1099-NEC from clients for contract work
- 1099-K for payments received through third-party platforms (reporting thresholds apply)
- 1099-Rs for distributions from retirement accounts
- SSA-1099 or SSA-1042S for Social Security benefits
It’s important to remember that some taxable income may not be reported on a specific form, requiring taxpayers to report it independently.
Last-Minute Tax Savings and Filing Extensions
Eligible taxpayers can still reduce their 2022 tax bill by making a deductible contribution to an IRA by the filing deadline. The contribution limit is $6,000, or $7,000 for those age 50 or older.
If unable to file by , taxpayers can submit Form 4868 to request an automatic six-month extension. However, an extension to file does not extend the time to pay any taxes owed. Interest and penalties will accrue on any unpaid balance from onward.
Taxpayers can pay estimated taxes owed electronically through IRS.gov, avoiding the need to file Form 4868. Paying by credit or debit card incurs a processing fee.
Resources and Assistance
The IRS offers an interactive tax assistant to answer basic tax questions. Taxpayers can also find answers to tax law questions and conduct tax law research on IRS.gov.
It is crucial to proofread returns carefully before submitting them to avoid delays in processing and potential errors.
