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CreditSense > Personal Finance > Taxes > Tax Season 2022: Answer These Questions
Before You File


TAX SEASON 2022: ANSWER THESE QUESTIONS BEFORE YOU FILE

SCORESENSE

 * February 14, 2022



Monday, April 18, 2022, is the deadline to file your 2021 federal tax return.
But before you file, make sure you understand the tax changes that may affect
you—and the amount you owe or receive as a refund. Start by answering these five
questions to determine which changes might affect your tax return.


DID YOU RECEIVE YOUR CHILD TAX CREDIT EARLY?

If you qualify for the Child Tax Credit (CTC), your tax return may be a little
different this year. First, the CTC increased during 2021, and second, the
government paid half the credit in advance to most qualifying families.

During 2021, the CTC increased to a maximum of $3,000 for each child 17 and
under, and $3,600 for each child 5 and under. Many families received CTC
payments in advance over the final six months of the year. Those families can
take the remaining half when they file their 2021 taxes.

If you received advance CTC payments, the IRS will send you a letter in the
mail, Letter 6419. This letter should include the total dollar amount of advance
payments you received and the number of children used to calculate those advance
payments. You’ll need this letter to file your taxes and to make sure you
receive the correct remaining amount of your CTC.

Also, understand that if you normally take the CTC when you file taxes, but you
took it in cash during 2021, you may owe more in taxes than expected in April
2022.


WILL YOU TAKE THE INCREASED STANDARD DEDUCTION OR ITEMIZE DEDUCTIONS?

Every tax filer can choose to itemize deductions or take the standard deduction.
When you itemize, you must include amounts for each individual deduction you’re
taking, such as charitable donations, home mortgage interest and medical
expenses. When you take the standard deduction, you just deduct one lump sum off
your taxable income.

In 2021, the standard deduction rose to $12,550 for individual filers and
$25,100 for married couples filing jointly. If you are 65 or older, you can add
an extra $1,350 per person for married filers or $1,700 for single filers.  

With the increased standard deduction and changes to some traditional deductions
(such as a limit on the amount you can deduct for state and local taxes), it may
not make sense for some taxpayers to itemize their deductions. Add up the amount
you could deduct with itemized deductions and see if it’s larger than the newly
increased standard deduction, or check with a tax advisor to determine whether
your itemized deductions would allow you to deduct more. If not, it makes more
sense to simply take the standard deduction.


DID YOU MAKE DONATIONS TO CHARITY DURING 2021?

In the past, you had to itemize deductions in order to deduct charitable
donations. However, a new IRS rule allows you to deduct up to $300 per person in
charitable donations, even if you don’t itemize. If you take the standard
deduction and you’re married filing jointly, you can deduct up to $600 for
charitable contributions.

If you choose to itemize deductions, you can take even more. Before the
pandemic, you could deduct charitable contributions in an amount equal to 60
percent of your income. In 2020, the IRS raised the limit to 100 percent, and
this change was extended through 2021. So, if you earn $60,000, you’re allowed
to deduct up to $60,000 in charitable deductions, if you itemize.


DID YOU CHANGE JOBS IN 2021?

During 2021, more than 38 million Americans left their jobs in the “Great
Resignation.” If you were one of them, your tax bill may have changed along with
your employment.

If you got a new job that pays more, you may have moved into a higher tax
bracket. In that case, you may owe more than usual. Check with your new employer
to make sure they are withholding the correct amount of taxes from your
paycheck.

Quit your job before getting a new one? Or took a new job with a pay cut? If so,
your income may have been lower in 2021, which may mean you dropped into a lower
tax bracket. In that case, you may end up with a tax refund after filing.

Did you take unemployment benefits during 2021 while in between jobs? If so, you
may need to report that income on your tax return. Check to see if your state
requires it. Unemployment income is reported on IRS Form 1099-G.


ARE YOU MAKING PAYMENTS ON A STUDENT LOAN?

If you’re paying off student loans, you may be able to deduct up to $2,500 in
interest on your tax return. You’re eligible for the full student loan interest
deduction if your taxable income is less than $70,000 as an individual or
$140,000 as a married couple filing jointly. If your income is between $70,000
and $85,000 (or between $140,000 and $170,000 for joint filers), you are
eligible for a smaller deduction for student loan interest.

Also, pandemic response legislation offered new student loan deductions, which
have been extended through 2025. If your employer pays some of your student loan
debt, you may be eligible to exclude up to $5,250 from income.

Finally, although forgiven debt is usually treated as taxable income, new rules
state that any student loan debt that was or will be forgiven between Dec. 31,
2020 and Jan. 1, 2026, will be tax-free.

As you prepare to file your taxes in 2022, the answers to these five questions
can help you determine how your tax liability may have changed. And by filing an
accurate return, you’ll be more likely to avoid delays in processing and
potential refunds, according to the IRS.


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