There’s a growing list of essential things for taxpayers to be aware of as the IRS embarks on a challenging season. Here’s what every filer needs to know.
for stimulus checks, experts suggest verifying these payments online in the"records" section and on your accounts transcript.
However, if you're a married couple filing together, you may receive separate letters, each reflecting one-half of these payments, Lucas said. You should see the total on your account transcript and that number goes on your return.
You'll need to answer yes if you sold, exchanged, mined digital assets or used it for purchases in 2021. However, it's important to check no if you only bought and held crypto, Lucas said. "If you check yes, you're flagging yourself, and the IRS is going to be looking for some sort of capital gain or loss on your5. Last year's adjusted gross incomewith your 2020 adjusted gross income. However, if you're one of the millions with last year's return still in limbo, the agency has other guidance.
"It's going to be a pain, so it's really important for those who are still waiting or used the non-filer tools to follow these special instructions from the IRS," said Lucas.It's no secret that reaching the IRS by phone has been difficult. While the agency claims an average hold time of 23 minutes, filers and tax professionals have reported waiting much longer.
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