Brauntax

The IRS had to pay interest to millions of taxpayers in 2020. Many taxpayers received small direct deposits that may not have been noticed. These interest payments from the IRS just like interest from the bank are taxable income. Don’t be surprised if you get a 1099-INT from the IRS this year.

We are getting questions about the stimulus payments that will be coming from the Federal government. Right now we have many of the same questions and are waiting official pronouncements. What we know is the IRS will first look at your 2019 tax return to estimate your eligibility and if you haven’t filed your 2019 return then they will look at your 2018 tax return. If you do not meet the eligibility criteria in 2019 or 2018 but you do meet the criteria for 2020 then you will receive the benefit when you file your 2020 tax return next year. If you receive Social Security and are not required to file a tax return then you should still receive the stimulus payment even if you didn’t file a tax return. Please check back as I will post more information as it becomes available.

Tax season has officially been extended. Federal tax returns are now due July 15th. You have plenty of time to file your 2019 income tax returns.