Guide to Filing your Taxes for the 2021 tax year
In response to the financial impact of the Coronavirus pandemic, Congress expanded tax benefits which may increase the amount of money you receive through your tax refund when you file your return for the 2021 tax year.
It’s not too late to file your tax return
Although the regular tax season is over, you can still file a late tax return until October 15, 2022. If you do not file you may miss out on a refund or any tax credits for which you may be eligible.While there’s no penalty for filing late if you do not owe taxes, you could face fees and penalties if you do owe for 2021. The information below can help you navigate this process and complete your return before the final deadline.
Filing a Simple Return
There are two main reasons you may want to file a simple return in 2022:
- To claim the 2021 Recovery Rebate Credit (Economic Impact Payment or “EIP”)If you didn’t receive the latest EIP, you could be eligible to receive the following as part of your tax refund:
- $1,400 for a single individual
- $2,800 for a married couple filing jointly
- To claim the 2021 Child Tax Credit (CTC)
If you are eligible for this credit, the maximum amount you could receive is:
- $3600 for each child ages 0 to 5
- $3000 for each child ages 6 to 17
To claim any recovery rebate or child tax credits that you are eligible for, you can file a simple return online by going to GetCTC.org . This online resource is both mobile friendly and available in Spanish.
Filing a Full Tax Return
Depending on your circumstances, you may want to consider filing a full tax return. There are a few reasons to consider this option:
- To claim the child tax AND recovery rebate credits
- To claim the Earned Income Tax Credit
If you are eligible for this credit, the maximum amount you could receive is:
- $1,502 if you have no dependent children
- $3,618 if you have one qualifying child
- $5,980 if you have two qualifying children
- $6,728 if you have three or more qualifying children
- To claim the Child and Dependent Care Tax Credit
You may be eligible for this credit if you paid for childcare because you were working or looking for work in 2021.
- If you claimed over-withholding
You may have had taxes withheld by an employer during 2021. If more taxes were withheld than you owe you can claim the balance by filing a 2021 tax return.
To file a full tax return online go to MyFreeTaxes.com .
Access your tax refund quickly and safely
If you think you may receive a refund, here are some things to think about before you file your return:
- If you already have an account with a bank or credit union, make sure you have your information ready -- including the account number and routing number -- when you file your tax return. You can provide that information on the tax form and the IRS will automatically deposit the funds into your account.
- If you have a prepaid card that accepts direct deposit, you can also receive your refund on the card. Check with your prepaid card provider to get the routing and account number assigned to the card before you file your return.
You can learn more about choosing the right prepaid card here
- If you don’t have a bank account or prepaid card, consider opening an account. Many banks and credit unions offer accounts with low (or no) monthly maintenance fees when you have direct deposit or maintain a minimum balance. These accounts may limit the types of fees you can incur and may also offer free access to in-network automated teller machines (ATMs). You can often open these accounts easily online.
Learn more about the FDIC’s #GetBanked campaign.
Watch out for scams
Scammers are taking advantage of the coronavirus pandemic by attempting to con people into giving up their money. During this time of uncertainty, being aware of possible scams is a good first step toward preventing them.
Submit a complaint
Having a problem with a financial product or service? We have answers to frequently asked questions and can help you connect with companies if you have a complaint.
Submit a Complaint
TAXCASTER
Estimate your 2022 refund
(taxes you file in 2023) with our tax calculator by answering simple questions
about your life and income.
Terms of Service
Get more with these free
tax calculators
TaxCaster Tax
CalculatorEstimate your tax refund and
where you standGet started
Tax Bracket
CalculatorEasily calculate your tax
rate to
make smart
financial decisionsGet started
W-4 Withholding Calculator
Know how much to withhold from your
paycheck to get
a bigger refundGet started
Self-Employed
Expense EstimatorEstimate your self-employment tax and
eliminate
any surprisesGet started
Crypto Calculator
Estimate capital gains, losses, and taxes for
cryptocurrency salesGet started
Comenzar en Español
ItsDeductible™
See how much
your charitable donations are worthGet started
Frequently asked questions
Enter some simple questions about your situation, and TaxCaster will estimate your tax refund amount, or how much you may owe to the IRS. Our tax calculator stays up to date with the latest tax laws, so you can be confident the calculations are current. The results are only estimates however, as various other factors can impact your tax outcome. When you file with
TurboTax, we’ll guide you step by step to ensure your taxes are done accurately. Start TurboTax for free
To lower the amount you owe, the simplest way is to adjust your tax withholdings on your W-4. Our W-4 Calculator can help you determine how to update your W-4 to get your desired tax outcome.
There are a variety of other ways you can lower your tax liability, such as:
- Taking advantage of deductions
- Making charitable contributions
- Maximizing your business expenses
Read more tips from TurboTax experts
The standard deduction is a set amount based on your filing status. Itemized deductions are ones you can claim based on your yearly expenses. It makes sense to choose whichever will yield you the greatest tax break, but if you choose to itemize deductions, you’ll need to keep track of your expenses and have receipts or documentation ready.
Read more about standard and itemized deductions
More about tax refunds
TAX PLANNING
8 Common Life Events That Affect Your Taxes
See how life events like getting married, going back to school, or having a child can change your tax refund.
Read more
TAX REFUND
12 Smart Things to Do With Your Tax Refund
Anticipating a tax refund after using our tax refund estimator? Set yourself up for the future by making smart
money decisions.
Read more
TAXABLE INCOME
What Is Adjusted Gross Income (AGI)?
When you file your taxes, your adjusted gross income (AGI) can impact your eligibility for deductions and credits that can boost your tax refund.
Read more
TAX DEDUCTIONS AND CREDITS
What Are Tax Credits?
Tax credits can reduce how much income tax you owe, and can add to your tax refund. However, tax credits come with requirements you must satisfy before claiming them.
Read more