Why is my tax return so big 2022?

TAMPA, Fla. (WFLA) — Thanks to changes made by the American Rescue Plan Act, some taxpayers will get more money back in their tax returns this year, even if they don't have kids.

wfla.com - Here's why some taxpayers might see bigger refunds in 2022 - WFLA

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TAMPA, Fla. (WFLA) — Thanks to changes made by the American Rescue Plan Act, some taxpayers will get more money back in their tax returns this year, even if they don’t have kids. The Earned Income Tax Credit used to only apply to workers aged 25 to 64-years-old, normally with children. Now, with the expansion created by ARPA, childless workers aged 19 or older could get between $1,502 and over $6,728, if you have three or more children. However, the EITC would only go to singles making less than $51,465 or households filing jointly with a total income of $57,414, and dependent on how many children they have. In Florida, the Internal Revenue Service said 2.1 million residents were able to claim EITC payments in the previous tax season. According to previous reports, here’s who could benefit from the expanded EITC.

At least 19 years old with no children

Older than 64 years old with no children

18 years old and formerly in foster care or experiencing homelessness

Before the changes were made this year, the EITC for those with no dependents was only available to people ages 25 to 64. If you don’t have children and make a decent salary, your tax returns won’t be changing. What the expanded tax credit will do is give more money back to taxpayers at the lower end of the spectrum for income in the U.S. The IRS said this is an opportunity for people to get money that might be available, but missed. “There are important changes to EITC that will help this credit reach more hard-working families this year,” said IRS Commissioner Chuck Rettig. “We urge people potentially eligible for this valuable credit to review the guidelines; many people each year overlook this and leave money on the table.” For tax filers, unemployment income doesn’t count as earned income, and neither do pensions. Investors, as a main source of money or a side-income, must have earned $10,000 or less from their investments to receive the EITC payments. Those with foreign earned income, or wages earned with our tax home in a foreign country, are prohibited from receiving the EITC benefit. Child tax credits received through pandemic assistance do not count as an earned income for the 2021 tax season, according to the IRS. Neither do stimulus checks sent out through the pandemic relief laws passed by presidents Donald Trump or Joe Biden. Americans have been able to file their taxes since Jan. 24. To learn more about the EITC changes this year, click here. You can check your refund status online with the IRS.

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What amount of money triggers IRS?

$10,000 Federal law requires a person to report cash transactions of more than $10,000 to the IRS.

irs.gov - Here's what people should know about reporting cash payments - IRS

IRS Tax Tip 2019-49, April 29, 2019

Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments.

Who’s covered

For purposes of cash payments, a “person” is defined as an individual, company, corporation, partnership, association, trust or estate. For example:

Dealers of jewelry, furniture, boats, aircraft, automobiles, art, rugs and antiques

Pawnbrokers

Attorneys

Real estate brokers

Insurance companies

Travel agencies

How to report

People report the payment by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or BusinessPDF. A person can file Form 8300 electronically using the Financial Crimes Enforcement Network’s BSA E-Filing System. E-filing is free, quick and secure. Filers will receive an electronic acknowledgement of each form they file. Those who prefer to mail Form 8300 can send it to the IRS at the address listed on the form.

What’s cash

Cash includes coins and currency of the United States or any foreign country. For some transactionsPDF, it’s also a cashier’s check, bank draft, traveler’s check or money order with a face amount of $10,000 or less.

A person must report cash of more than $10,000 they received:

In one lump sum

In two or more related payments within 24 hours

As part of a single transaction within 12 months

As part of two or more related transactions within 12 months

When to file

A person must file Form 8300 within 15 days after the date they received the cash. If they receive payments toward a single transaction or two or more related transactions, they file when the total amount paid exceeds $10,000.

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