2022 Form 1040 Filing Errors okay for this video i wanted to cover some very common 1040 filing issues i’m seeing for this year’s tax season so what we’re talking about here is the 2021 form 1040. so if you’re looking at your 1040 you’ll. See tax year 2021 and these are being filed during 2022 right so the 2022, season so a lot of these. Issues do happen kind of on a year-to-year basis but this year we’re seeing some particularly new challenges related to a lot of things that are kind of as a result of. The the pandemic that we just kind of went through so the first one and this applies, across the board is uh paper filing your tax return so i i can’t, stress this enough please try to avoid paper filing at all costs paper filing returns is generally more. Inaccurate than electronically filing because if you’re if you’re hand preparing the forms you’re having to do a lot. Of calculations in math yourself versus where if you use computer software to e-file a lot of the math is kind of done for you so it helps kind of avoid some of those issues, the other issue that we’re seeing is purely just with processing time if you paper file. A return it’s going to take you months to get the irs to even open that mail and log it into the, system a lot of taxpayers that pay-per-file returns in 2020 still have not had their. Pay-per-file returns processed so if you pay-per-file your 1040 now in march 2022 you. Should expect to wait a year if i’m being honest you’re going to be waiting a year to get any kind of um you know notification from the irs, that the return was processed and your refund if you’re getting one is issued the second big issue we’re seeing with this year is related, to the the stimulus check so the irs well the federal government rather issued three stimulus payments so one two and three the third, one which was starting to be issued in january 2021 was for fourteen hundred dollars per person uh. And that included fourteen. Hundred dollars for every dependent now for taxpayers that did not get that fourteen hundred dollar check the procedures this year require that you um claimed that fourteen hundred dollars on your 1040 right so there’s a.
Line, item for the recovery rebate credit and you claim it there and you get the check the problem we’re seeing is a lot of taxpayers. That are preparing their own returns are using tax prep software that has very poorly warded questions right so the the questions are basically driving people, in this direction where they’re answering yes that they did not. Get the stimulus payment and then it’s recording it on the return where the irs thinks or the taxpayer already did get their 1400 stimulus check and so what, that does is it it delays the return because the irs is seeing that you already got the payment yet you’re claiming it again so returns are being. Adjusted downward for amounts that the irs already thinks they, issued you the third big one that we are seeing is this advanced child tax credit feature so uh for the 2021 tax year the child tax credit was uh three. Thousand dollars per dependent right qualifying child um for children. That were six or over and then 3 600 if under. Now the advanced feature which was unique to this year said that okay well if you’re going to get let’s say three thousand dollars at the end, of the year we’ll start giving you monthly payments in july 2021 and you’ll get those through december as part of the advanced credit the logic being let’s get.
Money into your bank account now rather than you having to wait until.
March or april 2022 to get your money the problem with this is people are forgetting to record, the advanced.