Tax time in Mississippi. What are the biggest things you need to know?
Tax season is here, whether we like it or not. The Internal Revenue Service estimates more than 168 million individual tax returns will be filed this year.
Here are a few questions you may have about how to complete your taxes this year.
What are the IRS filing deadlines?
The IRS began to accept tax returns on Jan. 23. The last day to file is Tuesday, April 18, without an extension.
For those granted an extension, the final due date is Oct. 16.
Does Mississippi have a state tax return?
Yes. While Gov. Tate Reeves is running for re-election, in part, on a plan that would eliminate the need for Mississippi’s citizens to file a state tax return, everyone, for now, still must get their taxes done and turned in by April 18, unless they are filing an extension.
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When will I get my IRS refund?
Filers who have no corrections, are filing electronically and opt in for direct deposit may see returns within 21 days, the IRS said.
According to the IRS, refunds that include the Earned Income Tax Credit or Additional Child Tax Credit will not be issued before mid-February.
Filers can check the status of their return with the IRS' Where's My Refund portal at www.irs.gov/refunds.
What forms do I need to file?
Generally, all filers will need a W-2 from employers that report their wages and withholdings for the previous calendar year. W-2's are due to employees no later than January 31. However, filers may find themselves in need of other forms to prepare their taxes.
1099: A 1099 can come in several different ways. Generally, a taxpayer will have a 1099 from banks or other financial institutions for unemployment compensation, pensions or retirement plan distributions.
1099-K/1099-MISC: A 1099-K or 1099-MISC might be issued to a taxpayer for gig work.
1099-INT: This form will be issued for any interest paid to the filer
1098-E: Filers repaying more than $600 a year in student loan interest will be issued this form for deductions on their taxes.
What tax bracket are you in?
What are the 2022 tax brackets?
The IRS released a new bracket to account for inflation, credits and deductions tax payers may be subject to while filing this year.
For individual filers:
37% for incomes greater than $539,900
35% for incomes over $215,950
32% for incomes over $170,050
24% for incomes over $89,075
22% for incomes over $41,775
12% for incomes over $10,275
10% for incomes $10,275 or less
For married couples filing jointly:
37% for incomes greater than $647,850
35% for incomes over $431,900
32% for incomes over $340,100
24% for incomes over $178,150
22% for incomes over $83,550
12% for incomes over $20,550
10% for incomes $20,550 or less
Where can I file my taxes for free?
The IRS provides a free guided service to file your taxes for any taxpayer or family who earned $73,000 or less in 2022. Filers can find the right service for them at apps.irs.gov/app/freeFile.
The following tax preparers participate in the IRS' free file program:
The agency also provides do-it-yourself forms for free for taxpayers who made more than the $73,000 salary threshold at www.irs.gov/e-file-providers/free-file-fillable-forms.
Ross Reily can be reached by email at rreily@gannett.com or at 601-573-2952. You can follow him on Twitter @GreenOkra1.
This article originally appeared on Mississippi Clarion Ledger: Tax time in Mississippi. Here are a few steps to make it easier
