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7 Fast Facts About Filing Your 2020 Taxes

Mar 1, 2021 | 3 minute read

Tax Season Snapshot

Updates as of 3.26.2021

  • On March 24th, Ohio Tax Commissioner Jeff McClain announced Ohio is extending the state tax filing deadline from April 15th to May 17th.
  • On March 17th, the IRS announced the deadline to file federal taxes will be automatically extended from April 15th to May 17th.
  • *On March 11th, President Joe Biden’s $1.9 trillion coronavirus relief package was signed into law. Included in the plan was a tax break for unemployed workers. For individuals earning under $150,000 a year, the law waives federal income taxes on up to $10,200 in unemployment income received in 2020. In states where unemployment benefits are taxed – such as Ohio – it is not yet confirmed if state taxes will also be waived. If you received unemployment benefits in 2020 and already filed your taxes, the IRS has urged taxpayers not to file amended returns at this time. The IRS plans to provide additional guidance in the future. Refer to the IRS News page for the most up to date information.

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1 “2021 Tax Filing Season Begins Feb. 12; IRS Outlines Steps to Speed Refunds during Pandemic.” Internal Revenue Service, 15 Jan. 2021, www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic.
 
2 “Special $300 Tax Deduction Helps Most People Give to Charity This Year – Even If They Don't Itemize.” Internal Revenue Service, 25 Nov. 2020, www.irs.gov/newsroom/special-300-tax-deduction-helps-most-people-give-to-charity-this-year-even-if-they-dont-itemize.
 
3 “IRS: Unemployment Compensation Is Taxable; Have Tax Withheld Now and Avoid a Tax-Time Surprise.” Internal Revenue Service, 18 Aug. 2020, www.irs.gov/newsroom/irs-unemployment-compensation-is-taxable-have-tax-withheld-now-and-avoid-a-tax-time-surprise.
 
4 “IRS Provides Tax Inflation Adjustments for Tax Year 2020.” Internal Revenue Service, 6 Nov. 2019, https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020.
 
5 “Recovery Rebate Credit.” Internal Revenue Service, www.irs.gov/newsroom/recovery-rebate-credit.