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Filing your taxes in 2022 - what's new and what to consider12/24/2021

Getting ready to file your 2022 taxes? Here's what's new and what to consider

Helpful hints for the upcoming tax filing seasonfiling your 2022 tax return

Twenty twenty-one was another unusual year that presented its own set of challenges. The US Goverment initiated several programs, like Economic Impact Payments (EIP) and the Advanced Child Care Tax Credit (CTC) Payments to assist consumers with any financial hardships the pandemic may have caused. And with new benefits comes new requirements for reporting them on tax returns.

To help taxpayers navigate how to file their 2021 tax returns, the IRS has developed a special page that outlines several steps that taxpayers can take now to make tax filing easier in 2022. Here are some best practices according to the IRS:

  • View your tax account online - you can securely access the latest information available about your federal tax account and see information from your most recently filed tax return on IRS.gov, including the amount of EIP and CTC you received and more
  • Gather and organize your tax records - this makes preparing a return easier and helps you avoid errors that lead to processing delays, which could slow down your refund. They suggest waiting to file until you've received the following records:
    • W-2s from your employer(s)
    • 1099s from your financial institution(s), issuing agencies and other payers including unemployment, dividends, or distributions from a pension, annuity or retirement plan
    • 1099-K or 1099-MISC if you worked in the gig economy
    • 1099-INT if you were paid interest
    • 1095-A, a Health Insurance Marketplace Statement, to reconcile advance Premium Tax Credits for Marketplace coverage
    • Letter 6419, 2021 Total Advance Child Tax Credit Payments
    • Letter 6475, your 2021 Economic Impact Payment, to determine whether you're eligible to claim the Recovery Rebate Credit
  • Make sure you've withheld enough tax - you may want to consider adjusting your withholding if you owed taxes or received a large refund last year - the Tax Withholding Estimator can help you determine the right amount of tax to have withheld from your paycheck and submit a new W-4 to your employer(s)
  • Get banked to speed tax refunds with direct deposit - the fastest way for you to get your refund is by filing electronically and choosing direct deposit

Anyone can open an account with us at any time via our Bank@nywhere suite of digital services. And our online and mobile banking helps you stay on top your account activity, including when your tax refund deposits to your account. To find out more, visit the join us page of our website, or contact us at 901.380.7400 or at mail@firstsouth.com.



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