Tax Season is Upon Us

It is the end of January and the beginning of the income tax filing season. By now, you should have received your W-2 forms. Keep on the lookout for additional documents such as 1099-INT (reports interest from bank accounts or other investments); 1099-DIV (reports dividends earned from investments); 1098-T (issued by qualified educational institutions to report tuition paid, scholarships, grants); etc.

There are three other important letters/forms that will be mailed to you. Two are from the IRS, and one is from the Marketplace –

The IRS is sending Letter 6475 to recipients of the Third Stimulus Payment. Please read it! This letter will help you determine if you need to claim the third economic impact recovery rebate credit on your 2021 tax returns.

The IRS will also send Letter 6419, 2021 advance CTC (Child Tax Credit). The letter will include the total amount of advance Child Tax Credit payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. Keep this and any other IRS letters about advance Child Tax Credit payments with your tax records.

Families who received advance payments will need to file a 2021 tax return and compare the advance Child Tax Credit payments they received in 2021 with the amount of the Child Tax Credit they can properly claim on their 2021 tax return.

Form 1095-A will be mailed to you if you received health insurance from the Marketplace. You must have this form to file your income taxes.

The UF/IFAS Nassau County Extension Family and Consumer Sciences Agent Meg McAlpine offers facilitated self assistance tax returns at Yulee and Callahan. Ms. McAlpine has been IRS certified to provide this service to Nassau County residents. To make an appointment or ask questions, please contact Meg McAlpine at (904)530-6359.



Posted: January 31, 2022

Category: Money Matters
Tags: Income Tax

Subscribe For More Great Content

IFAS Blogs Categories