As the Internal Revenue Service (IRS) is getting ready to process the tax returns of millions of Americans, they are asking taxpayers to hold off filing their returns if they received a relief check in 2022. This is due to the American Rescue Plan Act of 2021, which authorized up to $1,400 for those who are eligible for the stimulus payments.
The American Rescue Plan Act of 2021 provides an additional tax exemption for those who received a relief check in 2022. This means that the amount received will not be included in the taxpayer’s gross income and will not be subject to taxation. This exemption is also available for those who received stimulus payments in 2020 and 2021.
However, the IRS has warned taxpayers to wait to file their tax returns if they received a relief check-in in 2022. This is because the IRS has not yet updated its systems to account for the new exemption and the stimulus payments, so filing now could lead to some confusion and errors.
To avoid any potential issues, the IRS is asking taxpayers to wait until their system has been updated and the new exemption has been applied before filing their tax returns. This should happen sometime in the coming weeks, so taxpayers should expect to hear more about the exact timeline from the IRS soon.
In the meantime, taxpayers should take the time to gather all of the necessary documents for filing their tax returns, such as W-2s, 1099s, and other income documents. By doing this now, taxpayers can ensure that they have all the information they need when the IRS updates their systems and they can start filing their returns.
Overall, taxpayers should hold off filing their tax returns if they received a relief check in 2022. This is due to the new exemption created by the American Rescue Plan Act of 2021 and the fact that the IRS has not yet updated its systems to account for the new exemption and the stimulus payments. By waiting until the IRS updates its systems, taxpayers can avoid any potential issues and make sure they are filing their taxes correctly.
Many or all of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear below. Advertiser Disclosure
Many or all of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Advertiser Disclosure
Many or all of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear below. Advertiser Disclosure
Many or all of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Advertiser Disclosure
IRS Isn’t Ready For You To File Your Return If You Got Relief in 2022
By Fred Morales