Get ready for 2020 Taxes

Guidance from the IRS regarding 2020 Tax Returns and how to get ready to file:

Special guidance regarding Economic Impact Payments (EIP) or Stimulus Checks

NEW for 2021:   EIC Notice 1444 was sent to recipient's last known address within 15 days after stimulus payment was made.   It's very important to keep this notice so that you can claim additional credits when you file your 2020 tax return.   Please keep this notice with your other tax records and give to us when you bring/drop off your other tax documents.

You may be able to claim the Recovery Rebate Credit if you meet the eligibility criteria in 2020 and:

Other Tax Documents you will need:

  1. EIP Notice 1444
  2. W2s from employers (to be mailed out by employers on/before 1/31/2021)
  3. 1099-MISC from banks and other payers
  4. Other income documents
  5. Refund Interest Received - IRS will send a Form 1099-INT in January 2021 to anyone who received interest totaling at least $10
  6. Virtual currency records
  7. Copies of closing statements for any real property transactions

Note:   Most income is taxable including Unemployment Compensation and refund interest