2022 IRS tax advice: What you need to know about child credit and stimulus checks
ALBUQUERQUE, N.M. – As more people start to think about filing taxes, we’re hearing more about what’s new, and what you should keep in mind — including a credit that could help you get even more money back.
The first thing you should do before filing your taxes is to make sure you’ve got all the paperwork ready, like your W-2 or 1099.
“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,” said Yviand Serbones Hernandez with the Internal Revenue Service.
Which is why it’s important to double-check your paperwork before filing. By now, you should’ve gotten some information in the mail from the IRS, for example, notifying you of a stimulus check in 2021.
“You don’t need the letters. What you need is the information,” said Serbones Hernandez.
Don’t worry, if you lost it or forgot, that information is also online. Just create an account at irs.gov.
What’s new this year though is many parents were given the option to get an advance on their child tax credit. If that’s you, you also should’ve gotten a letter from the IRS about it and you’ll want to include that amount.
If you file jointly as a couple, each person should have received half of the amount, so you have to combine those amounts together if you file jointly – to get the actual total of advance payments you receive.
Even if you don’t have kids, there are credits you could qualify for, like the earned income tax credit. It usually benefits a lot of low-to-moderate income individuals and families. The amount has gone up from $500 to $1,500 for single people who qualify.
“Eligible ages before was 25 to 64. Now it’s 19 and there’s no cap of age,” Serbones Hernandez said.
There are also more tools on the IRS website about getting an estimate on that refund or finding out where the money is.
Tax day is Monday, April 18.