Updates on Tax Filing

Laurie Siebert, CPA, CFP®, AEP® discusses:
“Updates on tax filing – past and present, including stimulus payments.”

Laurie’s key takeaways:
Outstanding issues with your 2019 tax filing?  The IRS continues to process returns that were paper filed as far back as April 1, therefore, IRS notices may be premature or delayed.  Do not cancel your checks.

Economic Income Payments were made at the end of December as a supplement to the ones provided earlier in 2020.  These were made based on your income from 2018, if you had not yet filed your 2019 income tax return, or your 2019 return.  For those whose income was above the qualifying thresholds, you may have received a partial stimulus payment or none at all.  You will have another chance to be eligible based on your 2020 tax filing.  Look for the “Recovery Rebate Credit” calculation. 

Proposals for ongoing stimulus under the American Rescue Plan hope to provide relief from eviction and continued unemployment support, including to self-employed.