Deductions & credits

The IRS has not announced when they will begin to accept e-files for 2021 returns.  Usually it is around the end of January.   Last year we went well into February before they began to accept e-files.   The PATH act means you cannot get a refund with earned income credit or child tax credit before the end of February at the very earliest.

 

 

And based on the delays for 2020 refunds I for one do not even want to guess how long the IRS will take to process 2021 returns and send out refunds.   Expect confusion regarding the child tax credit----wait for the letter they will send you in January that tells you how much of the advance CTC you got because you need to enter that.    And if you got the 3rd EIP in 2021 there will be a letter for that too.

 

WAIT until you have everything ready so that you do not rush and make mistakes.   The mistakes made with the recovery rebate credit were to blame for many delays for 2020 refunds.  Be VERY careful with the information you enter for child tax credit and EIP.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**