As many of you already know, the tax season has been extended to May 17, 2021 this year due to changes mid-tax season and the changes affecting tax returns that have already been filed leaving the IRS and tax software companies to make those changes immediately but providing an additional month for preparers.
First, Federal and State unemployment is now not taxable for the first $10,200.00 for this tax year. For those who have already filed, the IRS will make those changes during May so you may see additional refunds from the IRS starting in June or July. For those who had unemployment and have not yet filed, most all tax software is up to date with the changes.
Second, the third round of stimulus funds have been issued and are currently being issued for non-filers this week. If you have not yet received your refund or your stimulus funds, the IRS has a link for both. “Where’s My Refund” to check the status of your federal refund and for the stimulus status, visit the IRS.gov website and Get My Payment for the status of your third Economic Impact Payment. Each link will ask you to verify who you are and provide you with an update. Most often if you have not received your refund, the site will indicate “still processing”. IRS is a bit behind in processing returns.
State refunds are a bit faster and are being processed timely.
