GREENSBORO, N.C. — It's Friday, but Monday's coming, and Monday.....is tax day. For real. If you didn't get the 1st or 2nd Stimulus checks and you think you should have, filing taxes is the only way to get it.
The IRS website says in bold letters:
Didn’t get the first and second stimulus payments? Claim the 2020 Recovery Rebate Credit. You must file a 2020 tax return even if you aren't required to file.
It’s not a complicated form to fill out. The three-page tax form, 1040SR is what you'll use. It's pretty straightforward. The Recovery Rebate Credit, or what you think of as the stimulus payments, is on Line 30.
Whether you're doing taxes strictly to get stimulus money or because you just have to because taxes are part of life, you can file your taxes for free online.
The IRS has several options of free software that will help you e-file your taxes for free.
“What I like about the e-file service is it is a guided step by step service and they use partners like Tax Pro and Turbo Tax and other tax preparing companies. All you have to do is go through the guidelines on the screen. Some have video tutorials. It's very simple,” said Danielle Pritchett of the Greensboro Public Library.
3 Things to Know about filing:
- $300 charitable deduction available to everyone even if you do not itemize.
- 1st and 2nd stimulus payments can be included on your 2020 tax return if you did not previously receive it.
- You can use your prior year earned income if it gives you a better answer on your child tax credit and earned income credit.
I filed for unemployment last year. Will I have to pay taxes on that?
No. President Joe Biden's American Rescue Plan is forgiving taxes on unemployment benefits for anyone making less than $150,000 per year. Up to $10,200 in unemployment benefits will not be subject to taxes.
That being said, you will need to add unemployment benefits to your state benefits.
If you're filing, the IRS is now accepting tax returns with the exclusion of unemployment benefits. If you already filed, the IRS will be sending the money back to you, no need to file an amended return.