2022 IRS tax tips: What you need to know about child credit and stimulus checks

The first thing you need to do before filing your tax return is to make sure you have all the documents ready, like your W-2 or 1099.

“We don’t want to scare people off by telling them that if they don’t file an accurate tax return, they’re going to be in trouble. If there are discrepancies, it will just cause a delay and you will be notified,” said Yviand Serbones Hernandez of the Internal Revenue Service.

This is why it is important to double-check your documents before submitting them. By now, you should have received information by mail from the IRS, for example, notifying you of a stimulus check in 2021.

“You don’t need the letters. What you need is the information,” Serbones Hernandez said.

Don’t worry, if you have lost or forgotten it, this information is also online. Simply create an account at irs.gov.

What is new this year is that many parents have had the opportunity to obtain an advance on their child tax credit. If this is you, you should also have received a letter from the IRS about this and you will want to include this amount.

If you are depositing jointly as a couple, each person should have received half the amount, so you should combine these amounts if you are depositing jointly – to get the actual total of the deposits you receive.

Even if you don’t have children, you may be eligible for credits, such as the earned income tax credit. This generally benefits a large number of low to middle income individuals and families. The amount was increased from $500 to $1,500 for qualifying singles.

“Before, the eligible ages were 25 to 64. Now it’s 19 and there’s no age limit,” Serbones Hernandez said.

There are also other tools on the IRS website to get an estimate of this refund or to find out where the money is.

Tax day is Monday, April 18.

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