Thanks to the WZZM for talking with our own Phil Mitchell to ensure all tax payers are prepared for 2020 tax time.
“The stimulus check is not taxable income, but unemployment is on a state and federal level,” says tax expert Phil Mitchell. “It will go right into your return.”
Experts agree that Americans should plan to file taxes between February 12, 2021 and the tax deadline of April 15, 2021.
“What they’re doing is updating the programming behind the scenes to cover things like stimulus checks that people need to get this recovery rebate through which wasn’t in place last year,” explains Phil Mitchell. “So the IRS is suggesting that you don’t file early.”
So far, many Americans have received ‘two stimulus checks’: one in the amount of for $1200 in April 2020, and one in the amount of for $600 at the end of 2020 or beginning of 2021. If someone who qualifies for the stimulus check but did not receive one or both of the checks, they should track the money using the Get My Payment tool on the IRS website. If there is no information available to track the whereabout of either stimulus check, they should attempt to update their information with the IRS, or file a recovery rebate credit with their 2020 tax return.
Read the full article HERE.
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