GREENSBORO, N.C. — It's the final countdown... the deadline to file taxes is Monday, May 17!
Ryan Dodson and J-R Cecil with Liberty Tax join 2 Wants to Know to answer your questions about filing, exemptions, and anything else you need answered!
Should I file electronically?
The IRS is strongly advising taxpayers to file electronically with direct deposit. If you file by paper and request a paper check, you could be waiting for months.
How does my health insurance impact my taxes this year?
The IRS is suspending the requirement to repay any excess tax credit for anyone with health insurance through the ACA Marketplace.
Will I owe taxes on my unemployment benefits?
The IRS is also waiving up to $10,200 in unemployment benefits. The income is non-taxable on your 2020 federal return.
If you already filed your taxes and you counted all the unemployment income, chances are you're going to get money back from the IRS.
Those payback checks start going out this month.
Now, in NC, you have to add back in those benefits as income. The state did not waive it for the state return.
CHECKING YOUR REFUND
The first place to start is with the IRS Where's My Refund page. You find it on the main page, look under the refunds tab. You'll put in your information and it takes you to the Refund Status Results. You can see by the color bars at the top where your return is either Received, Approved, or Sent.
And there could be dates there as well.
3 Things you need to know about taxes:
- A $300 charitable deduction is available to everyone even if yo udo not itemize.
- You can claim your stimulus payments if you did not receive them. That is line 30 on your tax form.
- You can use the previous year's income if it will help you with the child tax credit and earned income tax credit.
Seriously, don't wait. Go file now!