| USA TODAY
2020 taxes: Do you owe taxes on stimulus checks or unemployment?
Because of the coronavirus pandemic, 2020 may be a tax year like no other. Here are answers to some of your top questions.
Taxpayers have until May 17 to contribute to their individual retirement accounts and health accounts, the IRS said Monday. The agency previously extended the tax filing deadline to mid-May.
This means that individuals have more time to make contributions to their individual retirement accounts for 2020, including IRAs and Roth IRAs, along with health savings accounts, Archer Medical Savings Accounts and Coverdell education savings accounts, the IRS said. Those deadlines would normally fall on April 15.
The agency also extended the deadline for unclaimed refunds to May 17 for the three-year window to claim refunds from tax year 2017. If taxpayers don’t file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by May 17, the IRS said.
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The extension comes after the agency pushed back the federal income tax filing due date to May 17 from April 15 for individuals without penalties and interest for the 2020 tax year. That gives Americans more time to file their returns as the IRS implements sweeping tax code changes from the latest COVID-19 relief package.
The IRS isn’t extending the deadline for first quarter estimated tax payments for self-employed individuals. Those payments are still due April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments.
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Many Americans have tons of questions about their stimulus checks, taxes and unemployment aid after the American Rescue Plan became law. So far, 127 million stimulus checks have been sent to Americans this month in the first two batches of direct payments.
Estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.