Tax Day 2021 is fast approaching. Last year, filing deadlines were extended because of the pandemic. This year, the IRS is sticking to the traditional schedule. Here’s what you need to know about filing dates, extensions, and more.
When is Tax Day? Income tax returns and payments for 2020 are due by Thursday, April 15. Tax Day is the same date for federal and state filings.
What if I can’t meet the deadline? If you need extra time, you can apply for an extension that gives you until Friday, October 15, 2021. The extension request must be made by Tax Day, April 15. Extensions apply to filing only, not payment. To avoid penalties and interest, make sure you pay your taxes by April 15. For options on filing an extension with the IRS for federal income taxes, visit the IRS website for more information.
Are unemployment benefits taxable? Unemployment payments are considered income and are subject to federal and state income taxes. If you are still collecting unemployment, you can elect to have state and federal taxes withheld for your 2021 payments. Update your preferences on your Unemployment Insurance account with the State of Missouri.
Are stimulus checks taxable? Good news! Stimulus checks, also called Economic Impact Payments, are not taxable.
What if I didn’t receive a stimulus check? If you didn’t get stimulus checks last year, or they were less than the full amount you qualified for, file for a Recovery Rebate Credit. This credit will be applied directly to your 2020 income taxes. If you don’t owe taxes or owe less than the credit amount, you’ll receive the funds in your refund check.
What’s the quickest way to get my refund? The IRS says doing these two things will expedite your refund:
- file electronically
- use direct deposit
Direct deposits can be made to your checking or savings account. The IRS will need the routing number that identifies your bank and personal account. The bank routing number for Alltru members is 281080739.
How did the CARES Act change deductions for charitable contributions? In response to the pandemic, the CARES Act allows taxpayers to deduct up to $300 of cash contributions made to qualifying organizations in 2020. According to the IRS, qualifying organizations are those that are religious, charitable, educational, scientific, or literary in purpose. Previously, charitable contributions could only be deducted if you itemized deductions.
Is there a free or cheap way to file electronically? If your income is less than $72,000, you can use IRS Free File tax prep software for your federal income tax. Depending on which IRS Free File option you choose, you may be able to file your state return for free as well. Alltru members are eligible for $15 off on TurboTax federal products with Love My Credit Union Rewards.
Have questions or concerns about filing? Visit IRS.gov or call toll-free at 1-800-829-1040.