Here are some tax law changes to keep in mind for 2021 tax season

As you prepare to file your taxes this season local financial experts are letting people know of a few changes.

Posted: Jan 27, 2021 5:22 PM

TIPPECANOE COUNTY, Ind. (WLFI)—Many changes have come from the world of COVID-19 and those changes are rolling over into the 2021 tax season.

Local Tax Expert with Heman Lawson Hawks, Brittany Jones said there were a few tax law changes toward the end of 2020.

"I think the biggest thing would be the economic impact payments," said Jones. "I can't tell you how many times I get questions about those."

According to the IRS website if you didn't receive a stimulus check but were qualified you are able to claim that money when filing your taxes.

"Just as many people maybe didn't receive the full payment and they haven't necessarily determined if they are or are not qualified for that full payment," said Jones. 

People who pulled money from a retirement account because of COVID, need to keep another tax change in mind.

"You do still have to pay taxes on that but if you meet certain qualifications due to COVID then there's no penalty on those withdrawals which is a big deal," said Jones. 

Along with that Jones said if people choose to repay that money back they have 3 years to do it and it will not be considered taxable however people receiving unemployment benefits should remember those checks are taxable.

"They will have to report that on their tax returns and unfortunately they'll have to pay federal and state taxes on that," said Jones. 

The IRS is also advising people to e-file this year. Jones said she encourages her clients to do that every year. 

"Absolutely, you know it's our firm's policy in every opportunity that we can."

Jones said the IRS is still processing more than a million mailed tax returns from 2019.

For more information click here. 

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