Is IRS accepting 2021 electronic returns?
The start of this year’s tax season – which takes place earlier than last year’s February 12 opening – signals the IRS is now accepting and processing 2021 tax returns. More than 160 million individual tax returns for the 2021 tax year are expected to be filed, with most before the April 18 tax deadline.
Why are refunds taking so long?
Some tax returns take longer to process than others for many reasons, including when a return: Includes errors, such as incorrect Recovery Rebate Credit. Includes a claim filed for an Earned Income Tax Credit or an Additional Child Tax Credit.
What are the tax breaks for 2021?
- 2021 Standard Deductions. The deduction set by the IRS for 2021 is: $12,550 for single filers. $12,550 for married couples filing separately.
- 2022 Standard Deductions. The deduction set by the IRS for 2022 is: $12,950 for single filers. $12,950 for married couples filing separately.
Why is the IRS behind on tax refunds?
As the return is processed, whether it was filed electronically or on paper, it may be delayed because it has a mistake including errors concerning the Recovery Rebate Credit, is missing information, or there is suspected identity theft or fraud. If we can fix it without contacting you, we will.