U.S. Individual taxpayers: here is what you should keep in mind when filing your 2022 tax returns.
The Internal Revenue Service (IRS) would like to remind you of important points that you should keep in mind when filing your U.S. individual income tax return. These steps are as follows:
GATHER YOUR TAX PAPERWORK AND RECORDS
Gather your tax paperwork and records for accuracy to avoid missing a deduction or credit or processing delay that slows your refund. You should organize your tax records for all your important and necessary tax documents before preparing your return.
You should wait to file your tax return until you have your tax records including:
- Social security numbers or ITIN of everyone listed on the tax return;
- Bank account and routing numbers;
- Form w-2: if you were an employee;
- Form 1099-G: if you received unemployment compensation;
- Form 1099-R: if you received pension, annuity or retirement plan distributions;
- Form 1099-DIV: if you received dividends;
- Forms 1099-K, 1099-MISC or w-2: if you worked in the gig economy;
- Form 1095-A, Health Insurance Marketplace Statement: if you purchased your health insurance on the marketplace. This helps you reconcile advance payments or claims Premium Tax Credit for Marketplace coverage;
- Income documents and records of the digital asset transactions: if you bought and or sold digital assets;
- IRS CP01A Notice from the IRS containing your new Identity Protection PIN: if you applied for an Identity Protection PIN.
REMEMBER TO REPORT ALL TYPES OF INCOME ON THE TAX RETURN.
Most income is taxable. You must for instance report:
- Unemployment income;
- Interest or other investment income that you received;
- Income from the gig economy;
- Income from Digital assets;
- Income from self-employment or other business activities;
- Income from services provided through mobile apps.
FILE ELECTRONICALLY AND REQUEST DIRECT DEPOSIT.
Your tax return will be processed faster if you file it electronically. And you will receive your refund faster if you request direct deposit.
Note: if you’re waiting for your 2021 tax return to be processed, make sure to enter on your 2022 tax return $0 (zero dollars) for last year’s adjusted gross income (AGI). Otherwise, the IRS may not accept your tax return for processing.
CONSIDER USING FREE RESOURCES TO HELP YOU FILE YOUR TAX RETURN ONLINE.
Several tools are available for you free of charge to help you in your efforts. These tools are tailored to your situation:
- If you or your family earned $73,000 or less in 2022, you may use IRS Free File to file your tax return online for free.
- If you or your family earned more than $73,000 in 2022, you may use the IRS’ Free File Fillable Forms to prepare and file your tax return. These Forms are the electronic version of the IRS paper forms.
Note: you must be comfortable preparing your own taxes to use the IRS Free File Fillable Forms.
- If you’re 60 years of age or older, you may take advantage of the Tax Counseling for the Elderly (TCE) program to get free tax help or basic tax return preparation.
- If you earned $60,000 or less, are disabled or have limited English-speaking skills, you can find free one-on-one tax preparation help in your area.
CHOOSE YOUR TAX PROFESSIONAL CAREFULLY.
Most tax return preparers are trained and honest professionals who would like to provide excellent service to their clients. That said, there are also dishonest tax return preparers who file false income tax returns to get a refund. Learn more.
USE ONLINE RESOURCES TO FIND ANSWERS TO MANY OF YOUR QUESTIONS BEFORE RESOLVING TO CALL THE IRS.
You should use IRS.gov first to try to get answers to your tax questions, check a refund status or pay taxes. They’re available 24 hours a day.
You may then call the IRS if you don’t get a satisfactory response online.
As of December 30, 2022, The IRS received 165.8 million individual income tax returns compared to 169.9 million the prior year. The returns e-filed amounted to 152 million as of December 30, 2022, down from 152.3 million last year.
The IRS.gov website was visited 1,027 million times compared to 1,995 million times as of December 30, 2021. The IRS processed 110.6 million refunds for a total amount of $359.5 billion down from $366 billion as of December 30, 2021.