2020 Tax Deadline is now May 17
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021 to help taxpayers through the unusual circumstances related to the pandemic.
Additionally, with the recent approval of the American Rescue Plan Act of 2021, here are a few helpful reminders:
- Unemployment income is generally taxable, but the first $10,200/person of benefits received in 2020 will not be subject to tax. This applies for households with income (Adjusted Gross Income) below $150,000.
- Stimulus checks are tax-free.
- Two stimulus checks were paid in 2020. If you didn’t qualify for the full stimulus amounts and your income dropped substantially in 2020, you may be eligible to recoup the remaining amount. Please be sure to connect with your tax advisor.