Your 2020 Taxes: 2 Things That May Help You Get A Max Return
Tax season is upon us, and while the numbers can be daunting, you also want to be in the know to maximize your tax return.
Because of the stimulus payments this year, there will be a few calculations that could come into play to help you maximize how much you get back from the federal government. According to a WGME story, you will want to be aware of the following:
- If you qualified for a stimulus payment but did not receive it for some reason, you are eligible to get those funds in your tax return.
- Since the stimulus payments were based on tax returns filed before 2020, your payment was based on your family status on those old returns. So if you had a child this year, you most likely did not receive payments for that child. You will be able to claim those funds on your 2020 return for your 2020 baby!
I recently received my W2, so I got a jump on my taxes this week. While entering all my data online, there was already a function built into my tax software regarding stimulus payments to determine any outstanding funds. If you do the same, all the necessary questions for claiming any stimulus funds should be built-in and ready to go. If you fill out your tax forms on your own and are eligible for these funds, make sure you are aware of these calculations as you fill out that 1040 to maximize your return!
You can see WGME's full list of 2020 tax items to be aware of, which also includes info on medical and charity deductions for 2020, here.
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