Your 2020 tax information is critical to the IRS in determining how much money you will receive in 2021. We give you four reasons whyis a good idea, and how can affect you. If you’ve already filed your 2020 tax return but haven’t received your refund yet, click here .
If you have received, you could get a tax break. You may also want to know why that is is important, how your tax return could be and how to tell if the IRS has a tax refund May 17 at the latest. This story is regularly updated.
Reason no. 1: Get your advance on the child discount
as part of is expected to go out in July, and you may be eligible for up to $ 3,600 across seven payments as . To determine , the IRS needs your . That’s why it’s important to file your 2020 taxes by May 17 so the IRS uses your most recent tax numbers when calculating your payments. Otherwise, your payment may be less than what you qualify for.
The IRS said eligible families will have another option to update changes to income, application status, and number of eligible children, with more information, but did not provide specific information on how and when. We’ve reached out to the IRS for more information on how families can notify the agency of changes.
Reason # 2: Getting Your Extra Incentive Payment
If you get youryou could be one also, but only if the IRS has your 2020 tax return. If the IRS based your payment on your 2019 tax return, but your 2020 federal tax return shows that you qualify for more money for that third-party payment, the IRS will send you the difference as a separate .
Reason # 3: Get your missing money from the first two stimulus checks
Your federal tax return this year is also how you get back all the money the IRS owes you from the. If you have not received payment or received less than you were , you can as a discount credit when you submit an application this year. – those who are not normally required to file a tax return. If you wait to file your taxes closer to a new, later due date, so are you , which is bundled .
Reason # 4: Getting the right amount for your third stimulus check
The IRS uses, if it has it, to determine the amount you will get in your . In particular, the IRS is looking at the , on your 2020 form to help determine your payment by a .
But the tax authorities will use your 2019 return if your 2020 taxes have not been accepted at the time your payment is sent. This can work to your advantage if your income from 2019 was lower than your income from 2020In most cases.)
If your tax return for 2020 would, Like you , you want to file an application as soon as possible so that the IRS processes your 2020 taxes before it is released . Here’s what should know.
Is the May 17 deadline the same for my state’s tax return?
This year, 37 states have pushed their deadlines back, according to the Association of International Certified Professional Accountants. Check with your state’s tax authority for the specific deadline.
What if I can’t meet Monday’s deadline?
If you need time after May 17, you can, giving you more time to fill out your paperwork and send it to the IRS. The IRS said individual taxpayers do not have to file forms or call the IRS to be eligible for the extension.
However, the new extension does not help you pay estimated tax. The IRS said the May 17 deadline does not apply to those who make estimated payments, which were still due on April 15.
For more details on taxes this year, we spell theand .