OVERVIEW

Make sure your calendar’s up-to-date with these tax deadlines, dates, possible extensions and other factors in play for both individuals and businesses in 2022.

For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.

 

Key Takeaways

•   Individual income tax returns are due April 15, unless the date falls on a weekend or holiday or you file Form 4868 seeking an extension until October 15.

•   Independent contractors, gig workers, and self-employed people must also meet quarterly estimated tax filing deadlines.

•   Small businesses must file their tax return either by March 15 or the 15th day of the third month following the close of their tax year, unless the date falls on a weekend or holiday or you file Form 7004 seeking an extension until September 15 (or five months after the original deadline).

When are 2022 taxes due?

Each year, the IRS sets the due date for filing your federal tax return for April 15 if you’re a calendar year filer. Generally, most individuals are, though if you have a business that uses a fiscal year that differs from a calendar year, your return is due on or before the 15th day of the fourth month after the close of your fiscal year. In instances where this due date falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day.

The last day of tax filing for 2021 taxes was April 18, 2022, unless you lived in Maine or Massachusetts, where your last day of tax filing was April 19, 2022, because of holidays. Likewise, you could have submitted Form 4868 to request an extension to file later this year.

The last day to do taxes isn’t the only important tax deadline to know, however. There are several other important tax deadlines for the 2022 tax year you should know, or for the taxes you’ll file in 2023. If you’re wondering, “When are taxes due, anyway?” Here are the important dates at a glance.

Important Tax Deadlines and Dates

Individual Filers – Employees

• • January 24, 2022 – 2021 Tax season begins. This marks the first day the IRS will begin accepting and processing 2021 federal tax returns.
  • January 31, 2022 – Employers must send Form W-2s. To ensure you’re able to complete your tax return on time, the IRS requires all employers to send you a W-2 no later than January 31 following the close of the tax year. Generally, this means W-2s get sent by January 31, but you won’t necessarily receive your form by this date.

• January 31, 2022 – Certain 1099 Forms must be sent. 1099 Forms are used to report payments that typically don’t come from an employer, such as if you work as an independent contractor, gig worker, or self-employed person. Additionally, 1099 forms are used to report payments like gambling winnings, rent or royalties; gains and losses in brokerage accounts, dividend and interest income, and more. 1099 Forms are due from payers of interest, dividends, and other income types. If this falls on a weekend or holiday, these forms are due the following Monday (or Tuesday following a holiday). Additionally, Form 1099-NEC is due for self-employment earnings.

• February 15, 2022 – Reclaim exemption from withholding. If you choose to claim an exemption from your employer withholding by filing a Form W-4, you’ll need to file a new form by this date. You’d file this exemption request on Form W-4 if you anticipate having no tax liability this year and had none in the previous year.

• April 1, 2022 – Required minimum distribution due if you turned 72 in 2021. If you turned 72 in 2021, you’ve got until April 1 to take your required minimum distribution from your Traditional IRA or 401(k) plan. After passage of the SECURE Act in 2019, if you turned 70 years old on or after July 1, 2019, you don’t need to take RMDs until you reach 72.

• April 18, 2022 – Tax Day (except Maine and Massachusetts due to Patriots’ Day – April 19). The tax deadline typically falls on April 15 each year, but can be delayed if it falls on a weekend or holiday. Missing the tax deadline can have consequences like penalties and interest.

• April 18, 2022 – Deadline to File Form 4868 and request an extension. The tax deadline is also the last day to file Form 4868 requesting an extension to file your individual income tax return. If you won’t be ready to file your tax return by tax day, make sure you instead complete an extension request, granting you the ability to delay filing a completed return until October 17, 2022. But remember, even if you choose to file an extension, you’re still on the hook for any taxes you may owe. You’ll be required to estimate your taxes owed and pay those by the original tax deadline.

• April 18, 2022 – Deadline to make IRA contribution, 401(k) or HSA contributions for 2021 tax year. For individual income tax return filers, this also marks the final day to make contributions to your IRA, 401(k) or HSA for the 2021 tax year. After this date, you generally can’t make contributions to the previous tax year’s contribution limits.

• October 17, 2022 – File extended 2021 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.
• December 31, 2022 – Required minimum distributions must be taken for individuals age 73 or older at the end of 2022. After commencing your first RMD on April 1 if you turned 72 in 2021, you now need to take your RMD by the end of 2022 if you’re 73 or older.

Individual Filers – Self-Employed, Independent Contractors, Gig Workers (Schedule C)

• January 18, 2022 – 4th Quarter 2021 estimated tax payment due. If you’re self-employed and make quarterly estimated tax payments, this is the due date for your final quarterly payment for the 2021 tax year.

• January 24, 2022 – 2021 Tax season begins.

• January 31, 2022 – Employers must send Form W-2s. If you work as a W-2 employee in addition to working for yourself, your employer should send you your W-2 by January 31.

• January 31, 2022 – Certain 1099 Forms must be sent. Certain 1099 Forms relevant to self-employed people must be sent by January 31 each year. Forms like 1099-NEC, 1099-MISC, and 1099-K need to be sent to recipients by this due date, while the IRS has them all due February 28 (or March 31 if e-filing)

• April 1, 2022 – Required minimum distribution due if you turned 72 in 2021.

• April 18, 2022 – Tax Day (except Maine and Massachusetts due to Patriots’ Day – April 19).

• April 18, 2022 – Deadline to File Form 4868 and request an extension.

• April 18, 2022 – Deadline to make IRA contribution, 401(k) or HSA contributions for 2021 tax year.

• April 18, 2022 – First quarter 2022 estimated tax payment due. When you work for yourself, you’ll need to do the math to estimate how much income you’re likely to make for the year and then end up owing to the IRS for income taxes. You can use IRS Form 1040-ES to calculate how much tax liability you’ll have for the year. IRS Publication 505 contains all the rules and details you might need to know about how to calculate this amount. Your first quarterly estimated tax payment is due on April 18, 2022. If you overestimated how much tax liability you’d owe from tax year 2021 and are due a refund, you can choose to receive that money now or apply the overage to this year’s quarterly tax payments.

 

TurboTax Tip: If you’re not sure of how much you should pay in estimated taxes this year and you don’t want to pay the wrong amount by accident, you can choose to pay 90% of your estimated current year tax bill or 100% (or 110% depending on AGI) of your prior year tax bill. This generally avoids needing to pay an underpayment penalty.

 

• June 15, 2022 – Second quarter 2022 estimated tax payment due. Despite the IRS referring to these payments as quarterly estimated taxes, the due dates don’t necessarily fall within “quarters” nor do they each represent three months of tax payments. They represent an equal quarterly share of your estimated income tax liability paid at uneven intervals. The first payment occurs 3 and a half months into the year. The second five and a half months; the third eight and a half months, and the fourth is due 12 and a half months after the year starts.

• September 15, 2022 – Third quarter 2022 estimated tax payment due.

• October 17, 2022 – File extended 2021 tax return. If you filed an extension to file your individual income tax return and have income and expenses to report on your Schedule C, your 2021 tax return is due on this date.

• December 31, 2022 – Required minimum distributions must be taken for individuals age 73 or older at the end of 2022.
• January 17, 2023 – Fourth quarter 2022 estimated tax payment due. This represents the final quarterly estimated tax payment due for 2021. If you choose the option to pay 100% of your previous year’s tax liability, any unpaid taxes will be due when you file your 2022 individual tax return in April 2023.

Small Businesses – LLCs, Partnerships, S Corps (1120, 1120S)

• January 18, 2022 – 4th Quarter 2021 estimated tax payment due

• January 24, 2022 – 2021 Tax season begins

• January 31, 2022 – Employers must send Form W-2s

• January 31, 2022 – Certain 1099 Forms must be sent

• March 15, 2022 – Taxes due for most business types (partnerships, multi-member LLCs, and S-Corporations) due. Small businesses organized as partnerships, LLCs, and S-Corporations must file Form 1120, or 1120S for S corporation) by March 15, 2022, if they are a calendar year business. If your business uses a different fiscal year, you must file your applicable business tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of March 15.

• April 18, 2022 – First quarter 2022 estimated tax payment due

• June 15, 2022 – Second quarter 2022 estimated tax payment due

• September 15, 2022 – Third quarter 2022 estimated tax payment due
• January 17, 2023 – Fourth quarter 2022 estimated tax payment due

The above doesn’t cover every tax deadline, merely the most important ones broadly relevant to these groups of taxpayers. For a comprehensive view of all the important tax deadlines applicable to each taxpayer, please visit IRS Publication 509.

What if I miss a tax deadline?

If you missed one of these key tax deadlines, you have options. Those options depend on what deadline was missed and whether you owe money or are due a refund.

What happens if you miss the tax filing deadline and are owed a refund?

If you overpaid for the 2021 tax year, there’s typically no penalty for filing your tax return late. However, you should file as soon as possible.

Generally, you have three years from the tax return due date to claim a tax refund. That means for 2021 tax returns, the window closes in 2025. After three years, unclaimed tax refunds typically become the property of the U.S. Treasury.

What happens if you miss the tax filing deadline and owe taxes?

When you miss a tax filing deadline and owe money to the IRS, you should file your tax return as soon as possible. Every day your tax return is delinquent, the IRS typically charges interest, failure to file penalties and failure to pay penalties until you file your return and pay the balance due.

What happens if you miss an estimated tax payment deadline?

If you miss an estimated tax payment, make your payment as soon as you can. The penalties and interest the IRS charges depend on how much you owe and how late you are, but you can minimize the damage by making your payment as soon as possible.

What if I owe more than I can pay?

This year, many people are dealing with financial troubles due to the pandemic, job loss, and other factors. If you’re one of them, you may not have the funds available to pay your tax bill by the deadline. But don’t put off filing just because you can’t afford to pay the amount due on the day you need to file your tax return. The IRS starts charging penalties and interest on the day the return is due, no matter when you file. You can minimize failure-to-file penalties by filing as soon as possible, paying as much as you can when you file, and setting up an installment plan for the balance.

What’s the fastest way to file my tax return?

The fastest way to file your tax return is to file electronically.

E-filing your tax return to the IRS is more secure than paper filing. Because the tax return is electronically transmitted to the IRS, you don’t have to worry about it getting lost in the mail or arriving late. You’ll also get confirmation right away that the IRS has received your return and has started processing it.

If you’re waiting for a tax refund, the fastest way to get your money is to have it electronically deposited into your bank account. The IRS typically issues 90% of refunds in less than 21 days when taxpayers combine direct deposit with electronic filing.

What if I need more time?

Don’t let a looming tax deadline force you to rush through the tax filing process and make a mistake on your return. Simply request an extension.

The IRS grants an automatic six-month extension of the tax filing deadline to anyone who requests it. You can request an extension electronically with TurboTax or use Form 4868.

Just keep in mind, the tax extension gives you more time to file your return, not more time to pay the tax you owe. You’ll need to estimate the amount you owe and make your payment by the tax filing deadline.

What happens to my tax deadlines if I live in an area impacted by a natural disaster?

If you need more time because you live in an area hit by a natural disaster, you might qualify for tax relief from the IRS. The IRS often postpones the tax filing deadline for taxpayers who live in or have a business within a federally declared disaster area.

For example, the IRS announced it would postpone tax filing and tax payment deadlines for taxpayers affected by the September 2020 California wildfires. Taxpayers in that area who extended their 2019 tax returns to October 15, 2020, now have until January 15, 2021, to file those returns.

What if I made a mistake and need to re-file my taxes?

It happens. You file your tax return, then realize you forgot to report some income or claim a certain tax credit. You don’t need to redo your whole return. Along with filing an amendment using Form 1040-X, you’ll also need to include copies of any forms and/or schedules that you’re changing or didn’t include with your original return.

IRS Form 1040-X is a two-page form used to amend a previously filed tax return. TurboTax can walk you through the amendment process to correct your tax return.

To avoid delays, make sure you only file Form 1040-X after you’ve already filed your original Form 1040. If you’re filing a Form 1040-X to collect a tax credit or refund from a previous year, you’ll need to file within three years after the date you timely filed your original return, or within two years after the date you paid the tax, whichever is later.

What is the last day to file taxes?

The last day to file taxes for individual federal income tax returns is April 15, or as late as April 18 in the event Tax Day falls on a Saturday, Sunday or official holiday. Some state-level holidays can extend the tax deadline by one day further. You can request a six-month filing extension through filing Form 4868, making your last day to file individual income taxes October 17, 2022.

If you also file taxes for your small business as a partnership, LLC or S Corp, the last day to file taxes is March 15 unless it falls on a weekend or official holiday. If your business runs on a non-calendar tax year, your federal tax return is generally due by the 15th day of the third month following the end of the tax year.

Remember, with TurboTax, we’ll ask you simple questions about your life and help you fill out all the right tax forms. With TurboTax you can be confident your taxes are done right, from simple to complex tax returns, no matter what your situation.