If youre hoping that 2022 will bring another round of stimulus checks, youll almost certainly be disappointed.
The economy is booming.
That means Congress isnt exactly itching to dole out more free money.
But you may still have stimulus cash coming for you when you file your 2021 tax return.
But because of the urgency of the situation, the IRS was directed to get us that money ASAP.
you’re able to submit a tax return even if you arent required to do so.
There are plenty offree tax filingoptions you’ve got the option to choose from.
Some e-filing programs wont allow you to report $0 of income, though.
If thats the case, enter $1 instead.
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The same goes for if you adopted a child in 2021.
Did you know?
Your Income Dropped in 2021
If your income dropped in 2021, you could be eligible for stimulus money.
Thats because the third round of payments was based on 2020 or 2019 income.
Those earning above these amounts were eligible for a phased-out payment.
In the second round, youd get $350.
When Are Taxes Due?
Your 2021 tax return is due Monday, April 18, 2022.
Be sure to file your taxes by the deadline orrequest an extensionto avoid penalties.
Its also essential to file online if possible.
The IRS has a huge backlog of unprocessed paper returns.
Typically, it takes 21 days or less for the IRS to issue a refund when you file online.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…