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Federal Tax Refund MYTH: Getting a refund this year means there’s no need to adjust withholding for 2022. FACT: Taxpayers should make changes now to prepare for next year. One way to do this is to adjust their tax withholding with their employer. Use the Tax Withholding Estimator tool to help determine if their employer is withholding the right amount. [...]
Why Refunds may take longer than 21 days The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may take longer to process. Taxpayers shouldn’t rely on getting a refund by a certain date. Things that can delay a refund: The [...]
Taxpayers should file their tax return on time to avoid costly interest and penalty fees Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each [...]
IRS Reminds Retirees About IRA RMDs The Internal Revenue Service reminds taxpayers who turned 72 after June 30, 2021, and received their first required distribution (for 2021) in 2022 on or before April 1, must receive their second RMD (for 2022) by Dec. 31, 2022. Even though the first distribution is actually the required 2021 distribution, it’s taxable in 2022 [...]
Individuals who did not qualify for, or did not receive, the full amount of the third Economic Impact Payment may be eligible to claim the 2021 Recovery Rebate Credit based on their 2021 tax year information. Individuals may have received their third Economic Impact Payment through initial and "plus-up" payments in 2021. Note: Third Economic Impact Payments are different than [...]