MFS Income TAX

Quarterly Estimated Tax Payments – Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the April 1–May 31, 2026, payment period is coming up next Monday, June 15, 2026.

If you use IRS Direct Pay, payments can generally be made until 11:45 p.m. ET on the due date. If you pay by credit or debit card through an IRS-authorized payment processor, payments can generally be made until 11:59 p.m. ET on the due date.

Summer Activities and Taxes – Did You Know?

Summer is a time to relax and have fun, but some seasonal activities may have tax consequences. Being aware of them now may save you time and hassle later.

If your child attends a day camp so you can work or look for work, some of the cost may qualify for the Child and Dependent Care Credit. Be sure to keep records and obtain the camp's tax identification information.

Students with summer jobs may be entitled to tax refunds if income tax is withheld from their pay. Adults earning income from seasonal, part-time, or gig work may need additional withholding or quarterly estimated tax payments.

Summer is also a popular wedding season. If you change your name after marriage, update your records with the Social Security Administration. If you move, update your address with the IRS and submit a new Form W-4 to your employer so your withholding reflects your current tax situation.

National 529 Day – Did You Know?

If you put money into a 529 education savings plan, earnings may be withdrawn federal income tax-free when used for qualified education expenses. Qualified expenses can include tuition, fees, books, supplies, computers, and for students enrolled at least half-time, certain room and board costs.

While 529 contributions are not deductible for federal income tax purposes, many states offer a full or partial state income tax deduction or credit for contributions. Some states and plan sponsors may also offer special incentives around National 529 Day.

Recent law changes expanded the use of 529 plans. In 2026, up to $20,000 per year, per student, may be used for qualified K–12 education expenses at public, private, or religious schools. Prior years were generally limited to $10,000 annually.

Updated Withholding Estimator Available for 2026

Having the right amount of tax withheld from your pay protects you against unpleasant spring surprises, while ensuring that you do not unnecessarily sacrifice take-home pay. The IRS recently made important updates to its Withholding Estimator tool (link below), to account for tax law changes enacted in 2025. Those changes include the "No Tax on Tips" and "No Tax on Overtime" deductions, the car loan interest deduction and special deduction for seniors, and the new deduction rules for charitable donations.

Verifying the accuracy of your withholding a couple of times a year is especially important if you and your spouse both work, or if you owed tax this spring, work multiple jobs, or have self-employment or investment income. It is also a good idea to complete a withholding checkup anytime you experience a major life change like marriage, or the birth or adoption of a child. Using the Withholding Estimator typically takes 25 minutes or less, and you do not have to log in or provide any personally identifying information. If an adjustment to your withholding is needed, the tool can help you complete a new W-4 form to submit to your employer.

IRS Withholding Estimator Tool: https://www.irs.gov/individuals/tax-withholding-estimator

Unfiled 2022 Federal Tax Refunds Must Be Claimed by April 15 – Did You Know?

The IRS estimates that over one million people are owed tax refunds from 2022, with the majority of those refunds exceeding $600. However, in order to claim their refunds, people must file their 2022 tax returns by April 15, 2026. Some people may also need to file 2023 and 2024 returns in order to receive an IRS refund.

Those who qualified for the Earned Income Tax Credit (EITC) in 2022 but did not file a return could be missing out on much larger refunds, potentially exceeding $6,000. The adjusted gross income limits for the 2022 EITC ranged from $16,480 to $53,057 (or $22,610 to $59,187 for joint filers), depending on a person's number of qualifying children.

Filing an accurate tax return for 2022 may require referring to income statements like W-2 and 1099 forms. If you cannot locate those forms but have an IRS online account, you can generally obtain the needed information by using the free IRS Get Income Transcript tool (link below). Most people can set up an account in about 20 minutes, less time than it takes to request and receive replacement documents from employers, banks, etc.

IRS Get Transcript Online tool: https://www.irs.gov/individuals/get-transcript