With tax season underway, I want to answer some frequently asked questions that you may have about filing your taxes this year.
When is the 2021 tax season?
Filing began on Friday, February 12, 2021.The IRS announced this week that the deadline to file has been extended to Monday, May 17, 2021.
How do I file my taxes?
I strongly recommend filing taxes as early as possible via electronic filing and including your direct deposit information. Due to the COVID-19 pandemic, the IRS mail processing system is significantly backlogged and some paper-filed tax returns from last year remain unprocessed. Filing electronically is the best way to ensure that your tax return is processed quickly, and it will ensure any refund is sent to you in a timely fashion.
NOTE: Certain taxpayers are eligible to utilize free Internal Revenue Service (IRS) and Georgia-sponsored taxpayer assistance programs, such as Volunteer Income Tax Assistance (VITA), Free File, and Tax Counseling for the Elderly (TCE).
What if I still haven’t received my 2019 tax refund?
If you haven’t received a 2019 refund yet, you will receive a paper check in the mail and do not need to take any action. The IRS advises that you should not file another 2019 tax return.
You should file your 2020 tax return. To e-file you will need to enter your AGI from your tax year 2019 tax return. If your 2019 return has not yet been processed, you may enter $0 (zero) as your prior year Adjusted Gross Income. If you used the Non-Filers: Enter Payment Info Here tool last year to register for an Economic Impact Payment, enter “$1” as your prior year AGI. Click here to see more info on claiming the Recovery Rebate Credit if you are not required to file a tax return.
What are Economic Impact Payments (EIP)?
EIPs, sometimes called “stimulus checks,” were sent to individuals as a way to provide financial relief during the COVID-19 pandemic. These are not taxable as income.
- EIP 1: $1,200 per individual and $500 per child under the age of 17. These payments were issued starting in April 2020.
- EIP 2: $600 per individual and $600 per child under the age of 17. These payments were issued from December 2020 through January 2021.
- EIP 3: $1,400 per individual and $1,400 per qualifying child or adult dependent. These payments are expected within the next month.
- Note on eligibility for EIP 3: Single filers making more than $80,000 will not receive an EIP; joint filers making over $160,000 will not receive an EIP.
What if I haven’t received my Economic Impact Payment (EIP)?
If you are eligible for an EIP and have not yet received, you can claim the EIP on your tax return. If you meet the eligibility criteria it will be included in your tax refund and the fastest way to receive it is by filing your taxes electronically.
What should I do if I have already filed my tax return and received unemployment compensation in 2020?
Unless, or until, the IRS issues further guidance, you should plan to file an amended return if your adjusted gross income (AGI) is less than $160,200 and you received unemployment compensation up to $10,200.
If you have any questions or need assistance, please do not hesitate to contact my office. We have dedicated caseworkers ready to assist with any issues you may be having with the federal government.
