Yes, it’s that day that millions of refund ready taxpayers have been anxiously awaiting. The Internal Revenue Service today begins processing 2022 tax year returns.
I don’t want to interrupt your calculating, but I ran across the Elaine May and Mike Nichols video below where the improv duo discusses filing taxes.
The vignettes were public service announcement commissioned by The National and State Organizations of Certified Public Accountants, and now are part of the Academy Film Archive.
Being a fan of the legendary comedy couple (and their later, separate film work), I had to share. Check it out when you take a break from your Form 1040.
And about that 1040, I also want to share a few early tax season tips:
7 reasons to file your tax return early
6 reasons why you should wait to file your tax return
Who does, and doesn’t, have to file a tax return
Answers to these filing checklist questions could make a big tax difference
Free File 2023 is open, with 7 companies offering 9 no-cost tax prep/e-file options
Those are part of the January Tax Tips page, which has a few more tax season tidbits. More will be coming this month, and the others leading up to Tax Day 2023, which thanks to the weekend and a Washington, D.C., holiday falls on April 18.
You also can find additional ones over in the ol’ blog’s Tax Moves over in the right column.
OK, I’ll stop my start of tax season 2023 shameless plugging and leave you alone so you can focus on your taxes.
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Dan Turner
In tax years prior to 2022, a bank’s Form 1099-INT would list a total interest income amount with a supporting list of specific account numbers and interest amounts that add up to the total amount.
For 2022, I have received two Form 1099-INT returns which do not show a total amount. Instead, the interest income for each account is separately listed.
I “chatted” with a rep from one of these banks who didn’t know what number the bank was reporting the IRS: the total amount of interest or each account’s interest. [The Form 1099-INT instructions aren’t of any help.] The rep said to ask my tax advisor!
I’m a CPA and know you can get a deficiency notice for not reporting income the way the Service receives the same information from the bank, even though you are reporting the total amount of interest income correctly.
Does anyone know how I should report interest income on multiple accounts from a bank which has not provided a total amount?