2020 Tax Information from H&R Block

As everyone knows the filing deadline for 2020 tax returns and any balance due is the 17^th of May. This is also true for North Carolina and Virginia. For those taxpayers and business quarterly estimated payments have not been extended and must be paid on time every quarter with out incurring a quarterly penalty calculated when the tax return is filed.

Time frame for refunds from returns filed after February 1^st. IRS is checking and recalculating the Recovery Rebate credit for every return. This is the form used to provide how much stimulus money you received for payments starting in March 2020 and again in January 2021. IRS stated that it can take up to 8 weeks for this to happen. If you had not received the first or second stimulus; you reported this on your return; IRS has the ability to correct this return to match there records. If this happens you will get a letter stating the reason the refund/balance due has been changed.

For those Taxpayers that had unemployment income in 2020, IRS has allowed the first 10,200. of unemployment to be deducted from the total unemployment received. If you have already filed, you will not need to file an amended return. IRS will look at all returns filed with unemployment to see if a correction needs to be made and refunds to be mailed. If you haven't filed yet you can subtract the 10,200 from the amount of unemployment by filing out 1040 Schedule 1 and carry the information to the 1040. This process will start in May as stated by IRS, they will start with the single, married filing separate and head of household, the they will start with the married filing joint returns.

As with any changes IRS does to your return, you will get a letter stating the corrections, you have the ability to challenge this letter.

Office hours for Moyock H&R Block will be changed to cover the extended period. April 4^th to April 15^th hours are Monday – Friday 9 am – 6 pm, Saturday 9 am – 5 pm. April 16^th to May 17^th hours will be Monday and Thursday 10 am – 4 pm. Our phone number is 252-435-1040, and Elizabeth City's phone number is 252-338-2157 if needed to contact us outside of normal hours.