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Tuesday, 9 March 2021

2021 tax season underway

Credit: KIMT
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2021 tax season underway
2021 tax season underway

You can get a six month extension if you ask before the deadline.

But if you owe taxes, they're due in April no matter what.

Coming new this morning on daybreak.

It's tax season!

And as kimt news 3's madelyne watkins explains... this time it's a little different for many americans due to covid?

"*19.

Especially for taxpayers who lost jobs or hours during the pandemic last year.

She joins us live.

Good morning, madelyne./// brooke and tyler.

When it comes to filing your taxes this year... things will be different because of pandemic related financial assistance.

For instance the cares act.

The biggest difference is with the stimulus bill.

Americans who didn't receive both checks ?

"*?

"* the 12 hundred dollar in may and the 600 dollar check in january ?

"*?

"* can actually file for the difference on their 2020 return.

And when it comes to unemployment benefits... unemployment is taxable and so was the extra 600 dollars that we got for pandemic unemployment.

Accountant bill nietz tells me if you had your taxes withheld during that period you shouldn't expect to owe.

But if you did not have taxes withheld... there's a chance you can owe at the end of the year depending on how long you were on "i don't think the federal withholding that's on them, if they decided to do federal withholding, is going to catch up.

So there's going to probably be a surprise on their tax return when they weren't expecting.

They're gonna get a 1099 from the state of minnesota saying they got $20,000 in unemployment benefits with only $300 in federal withholdings.

So we're going to see that going

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