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Tax Day is Monday. Here s what you need to know after a year of pandemic stimulus checks Share Updated: 10:53 PM EDT May 13, 2021 By Jeanne Sahadi, CNN Business
Tax Day is Monday. Here s what you need to know after a year of pandemic stimulus checks Share Updated: 10:53 PM EDT May 13, 2021
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Show Transcript SOME SAVINGS, BUT SOME CAUSE. AS THE PANDEMIC BROUGHT LIFE AS WE KNEW IT TO A STANDSTILL LAST YEAR, A LOT OF PEOPLE QUICKLY FOUND THEMSELVES IN NEED OF HELP, FREEFALLING, SO CONGRESS TRIED TO SOFTEN THE BLOW USING TAX CHANGES. FIRST, BY LETTING PEOPLE TAKE MONEY OUT OF THEIR 401KS LAST YEAR WITHOUT THE NORMAL 10% TAX PENALTY. BUT THERE IS A CATCH. IF YOU WERE IMPACTED BY COVID. BEN: WHICH MEANS YOU MUST SHOW FINANCIAL IMPACT, YOU CAN’T USE THE MONEY FOR A TRIP OR A HOME RENOVATION. CONGRESS ALSO CHANGED THE RULES ON DONATIONS TO CHARITIES TO HELP PEOPLE IN NEED. ALLOWING EVEN PEOPLE WHO DON’T IT
(CNN) - Next Monday, May 17, is the official deadline for individuals to file their 2020 federal tax return, and in most instances their state tax return, too.
It s a month later than usual, thanks to the pandemic. But the filing deadline s not the only thing that s changed. Many of the upheavals over the past year have caused other changes to your taxes. Due to the COVID crisis, there are plenty of new and revised provisions and important dates you will need to know about before filing your return this year.
Here are some of the most important ones.
Why May 17?
While the original filing and payment due date was April 15, the IRS has pushed the deadline to May 17 to give individual filers, tax preparers and the IRS itself more time to sort through the many changes affecting one s 2020 taxes from the latest Covid relief package. As it is, the filing season started a few weeks late this year since the IRS had its hands full administering provisions, like stimulus checks
Millions of Americans are expecting a tax refund. Many will use it on things like bills, debt and other essentials. If you donât have any pressing financial matters to pay for at the moment, you may look at investing it in your future. PennyGemâs Johana Restrepo has more.
Okay, last call.
Monday, May 17, is the official deadline for individuals to file their 2020 federal tax return, and in most instances their state tax return, too.
It s a month later than usual, thanks to the pandemic. But the filing deadline s not the only thing that s changed. Many of the upheavals over the past year have caused other changes to your taxes. Due to the COVID crisis, there are plenty of new and revised provisions and important dates you will need to know about before filing your return this year.