Taxpayers have more items to navigate this year than ever before, all while working with an IRS that is increasingly underwater.
Unfortunately for taxpayers, they cannot forego participating in this tax filing season, which runs until April 18th for taxpayers in most states.
The federal government sent out three rounds of "Economic Impact Payments" over the course of the pandemic, including a $1,400 payment last spring as part of the American Rescue Plan . These payments were made available for single filers earning under $75,000 and families earning under $150,000. As part of the ARP, the size of the child tax credit increased from $2,000 to $3,000 for older children and to $3,600 for younger children. These payments also started going out on a monthly basis and were made available to all households with children. Typically, households claim the entire credit at tax filing season, but this past year, families received up to half of their child tax credit in advance.
That is not the case this year—unemployment benefits will once again be taxed as ordinary income, making it important for those who received benefits to check how much was withheld from their taxes. Taxpayers in most situations are automatically opted into tax withholding for unemployment benefits, which will hopefully minimize the risk of a surprise tax bill.
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