COVID-19 pandemic may affect the way you file your taxes
The IRS will start accepting tax returns Friday, February 12 but the COVID-19 pandemic may affect how you file.
and last updated 2021-02-10 19:52:40-05
NASHVILLE, Tenn. (WTVF) â The IRS will start accepting tax returns Friday, February 12 but the COVID-19 pandemic may affect how you file.
If you lost your job last year, your unemployment benefits are federally taxable. However, the two rounds of your stimulus payment are not taxable. Remember if you haven t received your stimulus payment yet, you can claim it when you file.
Another change you ll see affects those who took money out of their retirement fund early. Normally you would face a 10% withdrawal penalty, but because of the coronavirus federal relief package that passed last year, people can withdraw up to $100,000 from retirement accounts with no penalty and take up to three years to pay any associated taxes if the virus affected you and your family.
Misplaced stimulus payments once again delayed as many as four weeks
Tax prep companies are once again in the middle of the stimulus payment rollout and the delay may take weeks to resolve.
and last updated 2021-01-06 22:11:15-05
NASHVILLE, Tenn. (WTVF) â Tax prep companies are once again in the middle of the stimulus payment rollout and the delay may take weeks to resolve.
It seems like deja vu for companies like Fax Tax who say customers have called to say their stimulus payment was sent to an account theyâre not familiar with. We reported back in April that several stimulus payments were sent from the IRS to accounts belonging to the tax prep companies. These accounts are used primarily for tax refund advances.