How to file your taxes for free, and answers to other tax questions

This is an excerpt from CNBC’s Make It newsletter. Sign up here.

Exciting news: It’s officially Tax Season 2022.

This year is something that’s coming back into shape after the Covid-19 pandemic delayed the start of the 2021 application season. But there are some Covid-related changes that you’ll want to watch out for, including including how to get any missing stimulus money.

With that in mind, here are answers to some pressing questions you may have about applying this year.

This year, your federal tax return is due on April 18. April 15, the standard due date, is a Friday and a public holiday in Washington, DC, which pushed back the deadline. . Residents of Maine and Massachusetts have until April 19.

Most states’ tax filing deadlines are also May 18, though there are a few that are later, including Virginia on May 2 and Louisiana on May 16. And of course, residents of states don’t have one. Income taxes, including Alaska, Florida, Nevada, Tennessee, Texas and Washington, among others, don’t have to worry about filing separate taxes.

You can apply for an extension if you need more time, which will move your deadline to October 17. But if you owe the IRS, you technically need to pay it by April 18. , even if you request an extension. Otherwise, you will be penalized for late payment.

As you probably already know, most tax software charges your state and federal tax returns. But there are a few free options out there.

If your adjusted gross income, or AGI — which is your income minus some deductions, like 401(k) or IRA contributions — is less than $73,000, you qualify for IRS Free File. , a partnership between the government and several tax preparation companies.

One thing to note: TurboTax and H&R Block, two of the most popular tax preparation services, are no longer part of the Free Files program. But there are eight other services available, including TaxAct and TaxSlayer. Just make sure you access the Free File through the IRS website so it’s really free. In the past, people have reported that they found a service advertised as free through a Google search, paying only when they actually used it.

If you earn more than your income threshold or have more complex taxes, it may be difficult to find free services. I used Credit Karma Tax, now Cash App Taxes, to file for free and found it easy to use (I haven’t used it since it became Cash App Tax). You can also fill out the IRS Free File Fillable Forms yourself.

Although they are no longer affiliated with Free Files, TurboTax and H&R Block still offer free options for some taxpayers. With TurboTax, people only have a so-called simple tax return – that is, Form 1040, which includes W-2 income, standard deductions, child tax credits, earned income tax credits, and tax credits. student loan deduction – can apply for free. H&R Block offers free services for slightly more complex returns.

That said, it’s very easy to get a high price with these products, so keep an eye out. If you have income from self-employment (Form 1099), rental properties, or investments such as stocks, you will have to upgrade for a fee.

If you’re eligible for a refund, the IRS aims to get you a refund within 21 days of receiving your electronically filed return (the time it takes to process a paper return). more time). But the agency has warned that processing and issuing refunds could be delayed this year.

Covid-19 changes are causing staff shortages, outdated technology and taxpayer errors that need to be fixed manually. In fact, the IRS is still processing some returns from last year.

In theory, the sooner you apply, the sooner you’ll receive your refund. That said, any mistake – like claiming a credit you don’t qualify for or asking for the wrong amount – will slow down the refund process.

If you were eligible for the third stimulus payment but did not receive it, you can claim the Recovery Reimbursement Credit on your tax return.

Eligible parents who had a child last year, or who have additional dependents, such as a niece, parent or grandparent, may also receive additional stimulus payments for members. new in their family.

Probably. If you normally don’t file a tax return because your income is so low, the IRS encourages you to do so this year. You may be eligible for certain tax credits, such as the Refund Credit or the Child Tax Credit.

And if you normally file returns and qualify for the Child Tax Credit, you may have received an advance payment for half of the total throughout 2021. On your tax return, you’ll reconcile what you receive from the IRS with the total amount you have. eligible for.

You’ll then get the other half as part of your refund, or that money goes into any money you owe the IRS. It’s also possible that you owe the IRS some money if you receive more than you qualify for.

Additionally, any unemployment benefits received in 2021 may affect your refund if taxes are not withheld. And you can deduct up to $300 in charitable donations per person this year, even if you take the standard deduction. That means if you’re married and filing jointly, you can deduct $600.

CNBC Make It will cover everything else you need to know about this tax season in the coming weeks, including tips for crypto investors, important IRS announcements, and more. Follow along, and have fun applying.

Register now: Get smarter about your money and career with our weekly newsletter

Do not miss: