x
Breaking News
More () »

Confused about this tax season? We get you answers: 2 Wants to Know

Tax experts take questions about an unprecedented tax season

GREENSBORO, N.C. — It's tax season, and in a normal tax year today would be tax day, but it's not!

It's actually May 17th for federal and North Carolina state taxes.

However if you owe taxes, you will still be charged interest by the state until you make your payment.

Lawmakers are currently discussing how to adjust that law. 

We are following it closely and will let you know what lawmakers decide. 

JR Cecil and Ryan Dodson with Liberty Tax Services join 2 Wants to Know answering questions about taxes.

DO I OWE TAXES IF I RECEIVED UNEMPLOYMENT BENEFITS? 

  •  As part of the American Rescue Plan (3rd stimulus) if your income is below $150,000 up to $10,200 of unemployment is not taxable. 
  • Unemployment income will need to be added back into your state taxes though. You need a special tax form to do this. And while you can get it on paper, it’s NC D-400 Schedule-S, it's not updated on tax software yet. 
  • If you are filing, the IRS can now accept tax returns with this exclusion of unemployment benefits.

WHAT IF I ALREADY FILED MY TAXES? WILL I GET THAT MONEY BACK? 

if you have already filed your taxes, the IRS is stating that they are not accepting amended returns for this exclusion at this time. The IRS plans to send refunds back sometime this summer. 

WILL I PAY TAXES ON MY STIMULUS CHECKS? 

No, you will not pay taxes on any stimulus payments you received. 

WHAT IF I DIDN'T GET MY STIMULUS CHECK? 

There is a place on this year's tax documents asking if you received your checks. Fill out the appropriate information to claim your money if you qualify. 

THREE THINGS TO KNOW ABOUT THIS YEAR'S TAX SEASON

1.    $300 charitable deduction available to everyone even if you do not itemize. 

2.    1st and 2nd stimulus payments can be included on your 2020 tax return if you did not previously receive it.

3.    You can use your prior year earned income if it gives you a better answer on your child tax credit and earned income credit

    

Before You Leave, Check This Out