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Who is required to file?
If your federal gross Income is more than $ 12,550 then you are required to file https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return
What is gross income?
Gross Income refers to a person’s total earnings before paying taxes and other deductions. Gross Income includes your wages, dividends, capital gains, business income, retirement distributions as well as additional income
How many filing statuses are there?
There are 5 Types of Filing Statuses
1. Single
2. Head of Household
3. Married Filing Joint
4. Married Filing, Separate
5. Qualified Widower
I need to change my address. How do I do this?
There are multiple ways to change your address, including using Form 8822, one of the most convenient. Also, don’t forget to update your address at the post office to ensure that you get any correspondence https://www.irs.gov/pub/irs-pdf/f8822.pdf
How Do I Choose the Right Tax Filing Status?
Single: You’re Single if you were not married on December 31 of the year for which you’re filing. If you were married during part of the year but were divorced on December 31 of the year, you still qualify as Single
Head of Household: You’re unmarried and paid more than half of the cost of keeping up your home for the year, plus a few other criteria. In addition, you must have at least one dependent, either a qualifying child or qualifying relative, for whom you provided more than half of their financial support
Married Filing Joint: You are married, and both you and your spouse agree to file a joint return. (On a joint return, you report your combined income and deduct your combined allowable expenses.)
Married Filing Separate: You must be married. This method may benefit you if you want to be responsible only for your tax or if this method results in less tax than a joint return. If you and your spouse do not agree to file a joint return, you may have to use this filing status
Qualified Widower: If your spouse passes away and you have at least one dependent child, you can file with this status for up to two years after your spouse’s death. Your dependent must be your child, stepchild, or legally adopted child to be eligible for this status. Additionally, you must remain unmarried during that time. If you remarry, you’ll need to choose between Married Filing Jointly or Married Filing Separately
What is a W-4 form?
IRS Form W-4 tells your employer how much money they should withhold from each paycheck to accurately pay your federal income taxes. The IRS requires every employee to fill out a W-4, and your employer probably required you to complete it on your first day on the job
What are federal tax withholdings?
Your federal withholding is the amount you’ve already paid the federal government. So, when you file your return, you’ll get credit for this amount to apply to your total taxes based on your taxable income for the year. Your federal income tax withholding from your pay depends on how you filled out your W-4 form
Where do I fall in the tax bracket?
Single Filers:
• 10% tax rate: $ 0 – $ 9,950
• 12% tax rate: $ 9,951 – $ 40,525
• 22% tax rate: $ 40,526 – $ 86,375
• 24% tax rate: $ 86,373 – $ 164,925
• 32% tax rate: $ 164,926 – $ 209,425
• 35% tax rate: $ 209,426 – $ 523,600
• 37% tax rate: $ 523,601 or more
What is my standard deduction for the 2021 tax year?
Single: $ 12,550
What Is Earned Income?
Earned income includes all the taxable income and wages you get from working for someone else, yourself, or from a business or farm you own
What are some types of Earned Income?
Wages, salary, or tips where federal income taxes are withheld on Form W-2
Income from a job where your employer didn’t withhold tax (such as gig economy work) including:
• Driving a car for booked rides or deliveries
• Running errands or doing tasks
• Selling goods online
• Providing creative or professional services
• Providing other temporary, on-demand, or freelance work
Money made from self-employment, including if you:
• Own or operate a business or farm
• Are a minister or member of a religious order
• Are a statutory employee and have income
• Benefits from a union strike
• Certain disability benefits you got before you were the minimum retirement age
• Nontaxable Combat pay (Form W-2, box 12 with code Q)
• If you claim nontaxable combat pay as earned income, it may increase or decrease the amount of your EITC
Do I qualify for Earned Income Credit?
Here is a link to see if you qualify https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/whoqualifies-for-the-earned-income-tax-credit-eitc #BASIC
What are the requirements for Earned Income Credit?
1. Show proof of earned income
2. Have a valid Social Security number
3. Be a US citizen or a resident alien all year
I need to change my address. How do I do this?
There are multiple ways to change your address, including using Form 8822, one of the most convenient. Also, don’t forget to update your address at the post office to ensure that you get any correspondence https://www.irs.gov/pub/irs-pdf/f8822.pdf
I lost or cannot find my W2. What do I do?
You can get a transcript. You can use a transcript in place of your income documents
How can I obtain my transcript?
1. You can request a transcript online at https://www.irs.gov/individuals/gettranscript
2. You can request a transcript by Mail at https://www.irs.gov/individuals/getatranscript
3. You can also request a transcript by Mail by or calling the IRS’s automated phone transcript service at 800-908-9946
What is an extension, and do I need one?
An extension is more time to file your tax return and avoid failing to file a penalty, but it is not an extension to pay. Filing an extension will change your deadline for filing your taxes to October 15. You only need to file an extension if you owe the IRS. You are not required to file an extension if you expect a refund https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return
When is the tax filing deadline?
Monday, April 18, 2022, unless you filed an extension, then your new deadline is October 15, 2022
How long will it take to complete my return using RefundWiz?
We will e-file your return on your behalf in less than 15 minutes. But, of course, this also depends on individual internet connections
When should I expect my W-2?
W-2s will be released by January 31, 2022. If you have not received your W-2 by that date, contact your employer
How long should I keep my tax records?
The IRS recommends keeping your tax records for three years from the date that you filed your original return or two years from the date you paid the tax, whichever is later
What tax records should I keep?
You should keep every tax return and supporting form, which includes W-2’s, 1099’s, logs, etc.
Should I Itemize on my return?
You should itemize deductions if your allowable itemized deductions are more significant than your standard deduction
What is Taxable Income?
Taxable Income is the portion of your gross income subject to taxation. Deductions are subtracted from gross income to arrive at your taxable income amount
What is Adjusted Gross Income (AGI)?
Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income. Adjustments to Income include educator expenses, Student loan interest, or contributions to a retirement account
If someone else claimed me as a dependent, can I still file taxes?
If someone else claims you as a dependent, you may still be required to file your tax return. However, if you are not required to file a tax return, you can still file your return to receive a refund of taxes withheld
What is Considered Income for tax purposes?
The IRS says Income can be in the form of money, property, or services you receive in the tax year. The two basic types of Income are earned and unearned income
I started a new job in December but didn’t get paid until January. So, when do I report that Income?
You will report the income in the year received. So, for example, if you started a new job in December of 2021 but did not get paid until January of 2022, you will report that Income on your 2022 file returns
What do I do if I haven’t received my W-2?
Step 1: Check Online
Step 2: Ask your Employer
Step 3: Contact the IRS
Step 4: File form 4852 with your tax return
Step 5: Request a Wage and Income transcript
I worked for multiple employers throughout the year. Do I have to File Taxes on All My Jobs?
You need to declare all income you have earned from all jobs throughout the year
I am a W-2 employee. Can I deduct mileage for my commute to work?
If you are a W-2 employee, your commute to work is not tax-deductible
I sent money to my family/friends overseas. Is that tax-deductible?
The IRS and the federal tax laws tell us that individuals cannot be the recipients of charitable contributions that can reduce Someone’s taxes in the form of taking a deduction. Only charitable groups and certain non-profit institutions can be such tax-deductible recipients of charity
Can I combine multiple years of Income on one specific year’s tax return filing?
No, you will have to file each year of Income on an individual year’s taxes. For example, the Income earned in 2019 will have to be filed on the 2019 return. Likewise, the Income earned in 2020 will have to file on your 2020 return
What are the benefits of filing if I am not required to?
• If an employer withheld federal income taxes from your paycheck last year or taxes were withheld from other sources of income, you might be entitled to a refund if you file a tax return
• If you paid 2020 taxes in advance by making an estimated tax payment or applying your 2019 refund to your 2020 taxes, make sure you file a tax return even if your overall income is below the applicable filing threshold amount. That will allow you to get that money back
• Potential refundable credits might be available to you. (Earned Income Credit, Additional Child Tax Credit, Recovery Rebate Credit, American Opportunity Credit, Premium Tax Credit)
• Protecting yourself against possible tax identity theft/fraud
• To keep your updated contact information on file with the IRS
Do I need to report a 1095-A, 1095-B, or a 1095-C on my return?
If you received healthcare benefits through the marketplace, you cannot file your federal taxes without form 1095-A. It is not necessary to file Form 1095-B or 1095-C but make sure to keep them with your records
What is the recovery rebate credit?
• The government passed the Recovery Rebate Credit to help offset the financial impact of the COVID-19 pandemic. Accordingly, the IRS sent out three Economic Income Payments (Stimulus) to qualifying individuals
• The First Economic Income Payment was 1200 per adult and 500 per dependent (applies to 2020 tax year) • The Second Economic Income Payment was 600 per all indictable (applies to 2020 tax year)
• The Third Economic Income Payment was 1400 per individual (applied to 2021 tax year)
I never received my Stimulus, but the IRS said I did. What do I do?
You will need to contact the IRS directly as they will track your payment sent on your behalf
My W2 has a social security number generated by my employer, but I have an ITIN. What do I do?
You can manually update the information in RefundWiz after capturing the image of the document
What happens if my return is rejected?
If your return gets rejected
• E-mail: support@refundwiz.com
• Chat with Live Support
• Contact us at 984-270-4000
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Will my unused benefits be available if I cancel my subscription?
No, the unused benefits will no longer be available for use
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If you are unsatisfied with a benefit but do not want to cancel. We want to hear from your email us at support@refundwiz.com
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