TAS Tax Tip: Update Your Federal Taxes

TAS Tax Tip: Update Your Federal Taxes

Part of your mid-year tax check should include checking for overdue tax returns and making sure you file them as soon as possible. If you're not sure if you need to file, you can use the IRS Interactive Tax Assistant. Do I have to file a tax return? to help understand it.

Even if you don't have to apply because you haven't earned enough money, you may want to apply to avoid missing out on a refund. This may apply if federal income tax was withheld from your payment, if you made estimated tax payments for the year, if any of last year's overpayments were applied to this year's estimated tax, or if you are eligible to claim credits. taxes such as the earned income tax credit. The only way to get the refund is by filing your tax return.

There is still time to apply for your child tax credit. In addition, if you are not eligible for a financial impact payment from a third party or have received less than the full amount to which you were entitled, you may be eligible to claim the recovery refund credit. You must file a 2021 tax return to claim one of the two credits.

Filing late tax returns is important for reasons other than the simple possibility of missing a credit or refund, including:

  • Protect social security benefits;
  • Avoid problems in obtaining loans; Y
  • Prevent the IRS from filing a self-return for you. This statement may not give you credit for deductions and exemptions for which you may be eligible (which may result in debt).


Be aware of the consequences of not filing your tax return when you are required to do so.

Find the records you need:

Create and/or log in to your individual IRS account online to view, log in, and print:

  • Key facts from your most recent tax return, including your adjusted gross income as well as your transcripts;
  • Information about economic impact payments and advance payments of the child tax credit, including the amount received; Y
  • Digital copies of certain IRS notices.


Additional ways to find records specifically related to:

Wage and Income Information

Complete Form 4506-T, Request for Transcript of Tax Return, and check the box on line 8. You may also contact your employer for a copy of Form W-2, Wage and Income Statement. taxes.

Impact Payments/Recovery Credit

Review Letter 6475, Your 2021 Impact Payments, which the IRS issued to you earlier this year. Spouses filing jointly for 2021 need to know the payment amounts so both spouses can claim this credit.

Advance Payments of Child Tax Credit

Review Letter 6419, 2021 Advance Payments of Child Tax Credit (AdvCTC), which the IRS issued to you earlier this year.

Earned Income Tax Credit

You can request an account transcript online using Get Transcript. You can use the EITC Assistant to see if you're eligible, figure out how much you might qualify for, and find answers to questions about this credit.

Help prepare your due return:

Tax Forms

Get IRS tax forms online and instructions for filing your late tax return or request them by calling Form 800-TAX-FORM (800-829-3676).

Preparation Assistance

If you need help preparing your return, you may be eligible for assistance from a Low Income Taxpayer Clinic (LITC) or free tax assistance from volunteers.

Note: LITCs may prepare returns if the return due date has passed.

How to file:

The IRS encourages you to submit an electronic application through a tax professional, a free IRS file, free tax return preparation sites, or commercial tax return preparation software.

You can also send your return by post or private delivery service, but please note that the process can take 6 months or more. For details on the service delay, see Operation Status. If you need to file a paper tax return, consider sending it by certified mail, return receipt requested. This will be your proof of the date you filed your tax return and when the IRS received it.

Have you filed an extension for 2021?:

If you have applied for an extension to 2021, the filing deadline is near. This year, an extension gives you until October 17 to file your return. But you don't have to wait; File electronically and if you are due a refund, choose direct deposit once you have all of your information together.

Note: IRS employees continue to work hard to process tax returns and address inventory issues, but encourage people to submit an electronic application to avoid processing delays.

Do you need to correct a previously filed statement?:

If you file your individual tax return and later realize you made a mistake, you can change your tax return. This typically involves completing Form 1040-X, Amended United States Individual Income Tax Return, to report changes in income, deductions, or credits. You can also make some changes to your storage status.

Do you have taxes that you cannot pay?:

If you owe taxes and your tax return is due, you should file your tax return now to avoid additional penalties for not filing by the due date. Again, you should file electronically if possible due to the IRS backlog in processing paper returns. See Operating Status.

If you can't pay the full amount,pay what you can now to reduce the amount of penalties and interest that will continue to accrue, and review your IRS payment options, including an offer in compromise. Each option has different requirements and fees, so check it out carefully. Depending on your financial situation, you may qualify to be placed in Currently Unclaimed status.

For more updates from the Taxpayer Advocate service, visit the news and information center to read the latest tax tips, blogs, advisories and more.