Important 2022 federal tax deadlines to know

Although Tax Day 2022 is a month away, it’s a good idea to try and get organized well before the federal income tax due date. Knowing key Internal Revenue Service (IRS) dates will help you avoid any penalties so you’ll get your refund faster.

When does tax season start?

The IRS starts accepting and processing new returns on January 24, 2022. Remember, you’re filing taxes for income earned in 2021, even though you’re filing forms in 2022. Tax experts refer to 2021 as the tax year and 2022 as the filing year.

What’s the last day to file taxes?

Monday, April 18, 2022 is the last day to file 2021 taxes, but there are some exceptions.

You may be wondering why the traditional date of April 15 isn’t the US tax deadline this year. In 2020 and 2021, the April 15 deadline got pushed back by the COVID-19 pandemic. The deadline is also pushed back to the next business day if April 15 falls on a weekend or it falls on a holiday. This year Washington, D.C. observes Emancipation Day on Friday, April 15. By law, the IRS is required to treat D.C. holidays as if they were national holidays for tax-filing purposes. Other exceptions include:

• Taxpayers in Maine and Massachusetts don’t have to file until April 19, because those states celebrate Patriot’s Day on April 18.
• If you’re a taxpayer affected by recent natural disasters, such as the January 2021 Colorado wildfires or the December 2021 tornadoes and flooding in Kentucky, you have until May 16, 2022 to file your federal tax returns. 
•  If you apply for a filing extension you will have until October 17, 2022 to file.

When will I get my tax refund?

If you are owed a refund and there aren’t any issues with your tax return, you can expect payment within 21 days of your electronic filing, according to the IRS. Linking your e-filing with direct deposit is the fastest way to get a refund.

What is the timeline for filing taxes?¹

Here is the IRS filing breakdown in chronological order to help you get your calendar updated.

January 14, 2022

IRS Free File service opens to prepare the tax year 2021 returns.

January 18, 2022

Fourth-quarter 2021 Estimated Tax payments are due. The 1040-ES form must be postmarked by January 18, 2022, or filed online. If tax is automatically deducted by your employer, contact them about this deadline. You may also file your 2021 tax return by January 31 if you pay the entire balance due with your return.

January 24, 2022

IRS begins processing 2021 tax returns.

February 15, 2022

The deadline for reclaiming income tax withholding in 2022. If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

March 1, 2022

Due date for farmers and fishermen to file their 2021 income tax return (form 1040 or Form 1040-SR) and pay any tax due. If the 2021 estimated tax was paid by January 18, 2022, farmers and fishermen have until April 18 to file. (April 19 if you live in Maine or Massachusetts).

April 18, 2022

April 18 is the due date for three separate filings:

• The due date for filing your individual 2021 tax return and making tax payments is April 18, using form 1040. You will need to e-file or postmark your return by midnight. If you can’t make that deadline, you can apply for a six-month extension.
• April 18 is also the due date for the first quarter of 2022 Estimated Tax payments. If you are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by April 18, 2022, or filed online. If tax is automatically deducted by your employer, contact them about this deadline.
• April 18 is the last day to make a 2021 contribution to a traditional and/or Roth IRA.

June 15, 2022

Second-quarter 2022 Estimated Tax payments are due. If you are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by June 15, 2022, or filed online. If tax is automatically deducted by your employer, contact them about this deadline.

September 15, 2022

Third-quarter 2022 Estimated Tax payments are due. If you are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by September 15, 2022, or filed online. If tax is automatically deducted by your employer, contact them about this deadline.

October 17, 2022

If you received a 6-month filing extension on your 2021 individual tax return, it must be completed and postmarked by October 17, 2022.

January 17, 2023

Fourth-quarter 2022 Estimated Tax payments are due. If you are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by January 23, 2023, or filed online. If tax is automatically deducted by your employer, contact them about this deadline.

What happens if I miss the tax deadline?

If you miss a deadline, there is a late-filing penalty is 5% of the tax due for each month (or part of a month) your return is late. For returns more than 60 days late, the minimum penalty is $435, or the balance of the tax due on your return, whichever is smaller. The maximum penalty is 25%.

Be proactive on your taxes

Now that 2021 has ended, it’s a good idea to keep these important federal tax dates in mind and to start the New Year organized.

• Make sure you have the W-2 forms you need from your employer.
• Download tax forms in advance and fill them out as early as possible.

How can I get help with my taxes?

If you need additional help or time to pay your taxes in full, you can set up an installment agreement with the IRS to pay your debt over time. Apply online to see if you qualify. The IRS will inform you whether or not your application is approved.

To ensure your finances are in order before you submit your taxes, consider hiring an accountant who can explain the process and can help you file.

Midland National Life Insurance Company does not give legal or tax advice. Please consult with and rely on a qualified legal or tax advisor for your individual circumstances.

1. Source: IRS.gov, 2022

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