The tax extension deadline is coming up. Typically it is due on October 15th, but this year it falls on a Saturday. That is good news for tax filers who will have until October 17, 2022, to file all of their paperwork.
So, what do taxpayers need to do?
In the video above, Lisa Greene-Lewis, CPA and TurboTax expert, has tips and examples of what has previously tripped up tax filers. Greene-Lewis also discusses the Advanced Child Tax Credit, stimulus payments, charitable deductions, and more.
Quotes| Tax Extension 2022 – Tips for Last-Minute Filers Lisa Greene-Lewis, CPA and TurboTax Expert Lisa Greene-Lewis, CPA and TurboTax ExpertDon’t worry about knowing these tax laws. TurboTax has you covered. You can come to TurboTax and fully hand your taxes over to a TurboTax Live tax expert and get your taxes done from start to finish.Enjoy up to an additional $20 off when you get started with TurboTax Live.
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Video Transcript:Tracy Byrnes: If you put your tax return on the extension in April, I’m sorry, but you’ll have to pay attention to it. The deadline is coming up. Now it’s generally October 15, but because that’s a Saturday this year, you actually get the weekend now to finish up your tax return. It is due to a full stop. No, fail. Midnight, October 17th. Lisa Greene-Lewis, CPA and TurboTax expert, is here with us to remind us of what we need to do and some of the things that tripped us up back in April. But let’s start with what we have to remember to do, Lisa.
Lisa Greene-Lewis: So the first thing you want to do, same as if you filed in April, gather all your documents in one place. But this is it. This is the last chance you have. So you want to have documents that report your income, expenses, and anything related to your dependents, like their Social Security numbers, have that all in one place.
Tracy Byrnes: Get your stuff together. And then there was a bunch of things that kind of tripped people up. One of them was the Advanced Child Tax Credit. Some people got money, some people didn’t. You had to get a form. What was the story? Refresh our memories.
Lisa Greene-Lewis: Yes, so with the Advanced Child Tax Credit, you received half of the credit. So when you go to file your taxes, you’re eligible for the other half, but you want to report the correct amount that you received so that your tax return isn’t held up. So you want to have Letter 6419 in front of you so that you can input the correct amount.
Tracy Byrnes: Right and thankfully, TurboTax will figure that out for you, because otherwise, it gets super complicated. Same with the last stimulus payment, right? That tripped people up as well.
Lisa Greene-Lewis: Yes, so if you’re eligible for the last stimulus payment, let’s say you had a baby, you may be eligible for the last stimulus payment. And when the IRS issued it, they did not know that. So you can claim that on your return. And also, if you received a portion of it, you have to input the correct amount that you received. And you would have received a Letter 6475 from the IRS that reports the correct amount that you received. So you want to have that in front of you. One thing to remember, you don’t need to know these tax rules. You can come to TurboTax and you can fully hand your taxes over to a TurboTax Live expert, and they’ll do your taxes from start to finish.
Tracy Byrnes: All right. So that goes back to getting all your documents together, start thinking about this because October is going to come sooner than we all would like sadly. And finally, we had an opportunity, if we didn’t itemize, to get a little bit of a charitable deduction, didn’t we, in 2022?
Lisa Greene-Lewis: Yes, so there was another provision, under Covid relief, that allowed you to claim cash charitable contributions up to $300 if you’re single, $600 married, filing jointly. And you could do that even if you claim the standard deduction. So this will be the last time that you’re able to do that.
Tracy Byrnes: Yeah, so while no one wants to go back to the Covid days, these things are important for your tax return purposes at least. So don’t forget about them. Lisa Greene-Lewis, thank you so much for reminding us.
Lisa Greene-Lewis: Thank you for having me.
Editor’s note: Video produced by TheStreet’s Zach Faulds