Every Tax Deadline You Need to Know

Tax Day is April 18.

In 2022, most taxpayers will be required to file their federal income tax return by April 18. However, there are some exceptions to this deadline and it’s certainly not the only date to mark on your financial calendar this year. Individuals who are self-employed, who file an extension or who are at an age when minimum distributions are required, for example, need to be aware of other important tax deadlines. Here are the 2022 tax deadlines you need to know.

Jan. 18: Fourth quarter estimated tax payment due for the self-employed.

If you’re self-employed and may owe more than $1,000 in taxes, you’ll need to make quarterly tax payments to avoid a penalty. The final of four payments for 2021 is due on Jan. 18, ahead of tax day. To make estimated tax payments, use Form 1040-ES and make your payment online, by phone or by mail.

Jan. 24: Tax season begins.

The Internal Revenue Service begins accepting and processing 2021 tax returns on Jan. 24. Experts, however, say processing time and refunds may be delayed this year due to still unprocessed 2020 returns and pandemic-related issues. “The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don’t face processing delays,” IRS Commissioner Chuck Rettig said in a press release. “Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year. And we urge extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year.”

Feb. 15: Reclaim exemption from withholding.

Some taxpayers opt to claim an exemption from federal withholdings on Form W-4 because they anticipate having no tax liability and had no tax liability in the previous tax year. To continue to be exempt from withholding in the new year, employees must provide employers with a new Form W-4 claiming exempt status by Feb. 15.

April 1: Turned 72 in 2021? Make your first required minimum distribution.

If you turned 72 in 2021, you must take your first required minimum distribution from your IRA or 401(k) by April 1. Before the SECURE Act, signed into law in 2019, individuals were required to start taking withdrawals from their retirement account at age 70 1/2. But thanks to this new legislation, if you turned 70 years old on or after July 1, 2019, you do not have to take withdrawals until you reach age 72. Note that these requirements do not apply to Roth IRAs.

April 18: Tax Day is here.

Typically falling on April 15, the last day to file your 2021 federal income tax return is a few days later due to the Emancipation Day holiday observed in the District of Columbia on April 15. Residents of two states, Maine and Massachusetts, have until April 19 to file their federal return due to Patriots’ Day, observed on April 18 in those states. All other taxpayers have until April 18 to complete their returns.

April 18: File Form 4868 to request an extension.

Missing the April 18 tax deadline can have consequences, even if you don’t owe money. Your refund may be delayed if you’re owed one, and if you do have a tax liability, you’ll likely face a penalty. If you won’t be ready to file your tax return by April 18, you should instead complete an application requesting an extension by Tax Day. After filing Form 4868, taxpayers have until Oct. 17 to file their returns. And remember, even if your extension is granted, you still must estimate and pay any taxes owed by the regular deadline.

April 18: First quarter estimated tax payment due.

Self-employed taxpayers face tax hurdles that a typical W-2 employee doesn’t. These include a self-employment tax for individuals who earned more than $400 working for themselves and quarterly estimated tax payments. While it may seem early to start thinking about the 2022 tax season, do yourself a favor now by ensuring you make your first quarterly estimated tax payment by April 18 if your situation requires it.

April 18: Last day to contribute to an IRA, HSA or 401(k) for 2021.

If you haven’t yet made contributions to qualified accounts like your IRA, HSA or 401(k) for the 2021 year, you still have time. In fact, making additional contributions can be a smart strategy for maximizing your refund this year. “You’re looking to reduce your taxes which in essence increases your refund,” says David Danic, director of tax services at Summit CPA Group in Indiana. “One of those options is to make an IRA contribution and those contribution deadlines are April 18 this year,” and the maximum IRA contribution is $6,000 for 2021.

June 15: Second quarter estimated tax payment due.

To calculate the amount of estimated tax you must pay quarterly, you’ll need to know your expected annual gross income, your taxable income and any deductions or credits you might be taking for the year. Use information from 2021 as a starting point for estimating your 2022 quarterly payments. The second quarterly payment for the year is due on June 15.

Sept. 15: Third quarter estimated tax payment due.

The third quarterly payment for 2022 is due on Sept. 15. If you became self-employed at some point in the year, the third or fourth quarterly estimated payments may be the only two you make this year. Remember, individuals who earn less than $1,000 in the calendar year working for themselves typically don’t need to worry about making quarterly payments.

Oct. 17: File extended 2021 tax return.

Whether you filed an extension due to missing tax documents, an unexpected life event or simply to allow your preparer more time to strategize, your 2021 federal income tax return must be filed by Oct. 17. Remember to check with your state to determine the process for filing a state tax return extension and your state’s extension deadline.

Dec. 31: Required minimum distributions must be taken.

All subsequent required minimum distributions following the first distribution must be taken by Dec. 1. This deadline is particularly relevant for individuals who take two distributions in one year or for individuals who will be age 73 or older at the end of 2022.

Mark your calendar with these 2022 tax deadlines:

— Jan. 18: Fourth quarter estimated tax payment due for the self-employed.

— Jan. 24: Tax season begins.

— Feb. 15: Reclaim exemption from withholding.

— April 1: Turned 72 last year? Take your first required minimum distribution.

— April 18: Tax Day is here.

— April 18: File Form 4868 to request an extension.

— April 18: First quarter estimated tax payment due.

— April 18: Last day to contribute to an IRA, HSA or 401(k) for 2021.

— June 15: Second quarter estimated tax payment due.

— Sept. 15: Third quarter estimated tax payment due.

— Oct. 17: File extended 2021 tax return.