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Category: Tax Year 2020

Archive for the ‘Tax Year 2020’ Category

Free Tax Filing 2020

Posted by admin on December 28, 2021
Last modified: December 28, 2021

IRS Free Tax Filing 2020 and Free Online Tax Filing 2020

Still, need to file your 2020 tax return? Have you put off filing your tax return for 2020 but now you’re ready to get on top of things? Let’s discuss your options, including free online tax filing for 2020.

Does the IRS offer free tax filing?

Yes, each year, the IRS offers two options for its IRS Free File program. Both options allow you to prepare and file your federal income tax online for free.

Was your adjusted gross income (AGI) for the year $72,000 or below?

You can take advantage of a public-private partnership between the IRS and a range of tax preparation and filing software companies. This agreement means options are available for free tax filing.

The options will help you to prepare a free online tax filing for your federal taxes. Some options offer free state tax filing as well. Make sure to read the details of the offers to find the one that works best for you.

Was your AGI for the year above $72,000?

You won’t qualify for any of the IRS Free File partners’ offers, but you can still take advantage of Free File Fillable Forms. These are free electronic forms specifically for federal tax returns that are free to fill out and file online.

free tax filing 2020
free tax filing 2020

Can I still use the IRS free tax filing program for my 2020 taxes? 

Unfortunately, the IRS Free File program has closed for the year. IRS Free File is only available for filing your current year tax return. Since the 2021 tax season is over, the IRS now considers any 2020 tax return that you may file as a ‘prior year’ return.

The IRS Free File program runs annually from the second half of January until mid-October. After the program closes for the year, all accounts and information are erased from the server.

However, if you used the IRS’s Free File Fillable Forms to prepare your return and printed a copy, you can still mail in your free online-prepared tax filing for 2020. Check the IRS website to get the address you will need to send in your tax returns. This will differ depending on your address and the forms that you are submitting. Information is available for taxpayers by state and for those in U.S. possessions and foreign countries.

Do I still have options for free online tax filing for my 2020 taxes?

Just because the IRS free tax filing program for 2020 is over doesn’t mean that all of your free online tax filing options for the 2020 tax year are gone.

Some self-preparation websites continue to offer free preparation of 2020 tax returns. Similar to the IRS Free File offers, these websites will guide you through the preparation process. You simply answer the question prompts, and all the math and calculations will be done for you. Again, this process can all be done online.

However, once you finish, you will need to print, sign and mail in your free online-prepared tax filing for 2020. Unfortunately, the IRS doesn’t allow prior year returns prepared using these types of websites to be electronically filed.

The deadline to file your 2020 tax returns electronically was October 15, 2021. This was the same deadline as the deadline to file tax returns for people who had requested a tax filing extension.

The IRS also allows registered tax professionals to continue to electronically file prior year tax returns for the two previous tax years. So although this is typically not a free option, when working with a registered tax preparer, you will still be able to electronically file your 2020 tax return.

I want more guidance with preparing my tax filing for 2020. What are my options?

Looking for something a bit more robust than one of the free online tax filing choices available? You may wish to consider options like the Federal Return Package, State Return Package, or Combined State and Federal Package at PriorTax.com, or specifically to file 2020 taxes online.

These choices include tax return preparation as well as free tax advice via email, live chat, and over the phone. The online application guides you to provide the necessary information about your personal and household details and income statements. It also helps identify possible deductions and credits that may apply to your situation. Your tax return is then prepared using this information, and your tax refund or outstanding tax bill will then be automatically calculated. You can visit our tax calculator page for the tax year 2020.

Visit our website today to learn more about our services, including for more complex tax situations, to help you prepare your tax filing for 2020 and determine what will work best for your individual situation.

Once your free online-prepare tax filing has been prepared, you are provided with a printable version of your return. Download, print, sign, and mail your return to the IRS, and you’ll be done.

After submitting my tax filing for 2020, how can I check on the status of my tax return submission?

The IRS maintains a regularly updated Operations Status page for detailed information about how long to expect for wait times and their current service delays.

They note that they had 6.8 million unprocessed individual tax returns at the end of October, which includes returns with errors and those requiring special handling, and 2.7 million unprocessed amended individual tax returns.

Are you expecting a tax refund?

The IRS advises that it is currently taking more than three weeks, and in some instances, 90 to 120 days, to issue refunds for some mailed or e-filed returns that require review. They offers a web form and a mobile application to check your refund status. To use either of these, you will need three pieces of information:

  • Your social security number or ITIN (Individual Taxpayer Identification Number)
  • Your filing status
  • Your exact refund amount owed

Did you file an amended tax return?

The IRS offers a web form to check the status of your Form 1040-X. To use, you will need three pieces of information:

  • Your social security number or ITIN
  • Your date of birth
  • Your zip code

Reach out to us for Free Tax Online Support with 4.8 stars for customer service satisfaction.

File 2020 Taxes Online

Posted by admin on December 21, 2021
Last modified: December 21, 2021

Filing 2020 taxes for 2020 tax return

2021 has been a busy and sometimes overwhelming year. And many of us are glad to see it finally coming to a close. If the 2021 tax season completely passed you by, you may be wondering about your 2020 tax return and filing a return for your 2020 taxes. 

First things first, is filing my 2020 taxes still possible?

file 2020 taxes online
file 2020 taxes online

Yes, you can still file your 2020 tax return. However, the deadline for filing 2020 taxes on time was May 17, 2021. Or, if you got an extension, the deadline for filing 2020 taxes was pushed back to October 15, 2021.

Since these deadlines have passed, the IRS will consider your 2020 tax return to be late. However, they continue to accept prior year tax returns, including 2020 tax returns. The prior year tax services at PriorTax.com offer a cost-effective option to get up to date on your filing obligations. Preparing tax returns for previous years while helping you to ensure you are always filing following the right tax regulations for the right year.

Is it too late to file my 2020 tax return and receive my stimulus checks?

No, it isn’t too late to get the money available to you from the Economic Impact Payments made available to help people out during the pandemic. If you didn’t receive your stimulus checks, there is still time to claim your payments as a tax credit and receive this money as part of your tax refund.

The stimulus checks were an advance payment of a federal tax credit, the Recovery Rebate Credit. So, you’ll need to file your 2020 tax return to receive your first- and second-round stimulus checks to receive this credit. And if you received your checks but less than the full amount, by filing your 2020 taxes, you may be eligible to claim the Recovery Rebate Credit.

Can I still file my 2020 taxes online?

Since the deadline for filing 2020 taxes has now passed, your 2020 tax return is now considered a prior year return. That designation comes with a few restrictions imposed.

You’re only able to make use of the IRS’s Free File program that lets people file their 2020 taxes online until the deadline. If you use a self-preparation website to file your 2020 taxes online, you will be able to prepare your tax return paperwork online. However, once it’s ready to send off to the IRS, you will need to print, sign, and then mail off your 2020 tax return to the IRS.

If you’re looking to file your 2020 taxes entirely online, consider using PriorTax.com’s CPA Review option, available when filing your 2020 taxes with us. By opting for a CPA Review, you receive a personalized consultation with one of your certified public accounts. They will help you take maximum advantage of all of the deductions and credits for which you may be eligible, helping to reduce your tax bill or boost your tax refund. Additionally, as tax preparers registered with the IRS, they can assist with e-filing your 2020 taxes.

What happens if I am late filing my 2020 taxes?

If you are late filing your 2020 taxes and are expecting a tax refund for 2020 taxes that you overpaid, you are leaving money on the table by not filing. You have three years from the original deadline to file your return and claim your refund.

If you are late filing your 2020 taxes and you owe the IRS money, the agency imposes financial penalties for late filing and for late payment of taxes. Unfortunately, these can make your tax bill even higher. That’s because you will start to accrue interest on your unpaid tax bill from the day following the filing deadline. This interest compounds daily, which can add up.

However, even if you’re not currently in a place financially where you can pay your full unpaid tax bill, it’s often a good idea to file your 2020 tax return sooner rather than later. The late filing penalty usually works out more expensive than the late payment penalty, so it is in your interest to limit the late filing penalty from adding up.

Why can going back and filing my 2020 taxes even if I don’t owe any money be a good idea?

If the IRS owes you a refund for your 2020 tax return, by going back and filing your 2020 taxes, you can receive your refund. There’s a deadline, and you’ll need to claim your refund within three years of the original deadline to file your return. So, you have until April 15, 2024 to claim your refund on your 2020 taxes. After that date, any unclaimed excess taxes paid by U.S. taxpayers go to the U.S. Treasury.

Before filing your 2020 taxes, you can visit the 2020 Tax Calculator on PriorTax.com to calculate your refund amount. There you will find free prior year tax calculators for 2011 to 2020. These are available to help provide a personalized view of income tax returns for any of the past tex tax years. Our tax calculators are entirely anonymous and don’t require an online account or entering any identifying personal information to use.

Additionally, because of the 2020 Recovery Rebate Credit and specific to filing 2020 taxes, if you did not receive the first and/or second Economic Impact Payments or think you qualify for more than you received, it can be a good idea to file your 2020 tax return. If you’re eligible for the 2020 Recovery Rebate Credit, you’ll need to file your return to claim it, even if you wouldn’t otherwise have a filing obligation.

Still need to prepare and submit your 2020 tax return? No need to panic!

Visit PriorTax.com today to learn how we can help you get up to date and how you can prepare to file your 2020 taxes online using our safe, secure, and easy-to-use system. Our experienced tax professionals can help you prepare your 2020 tax return with confidence. They are available to answer any questions you have along the way.

eFiling 2020

Posted by admin on December 15, 2021
Last modified: January 11, 2022

Efiling 2020 tax and IRS Efile tax

What is the IRS’s Efile Program?

The IRS offers e-filing options that allow for the speedy and secure submission of tax returns online, including the individual income tax returns that many of us need to file each year.

There are a few different efiling 2020 options available when preparing your individual income tax return:

efiling 2020 tax
e-filing 2020 tax
  • IRS Free File allows for free e-filing of federal tax returns. If your income is $72,000 or below, you can take advantage of offers with IRS partner sites – some of these will include free state tax filing too. Regardless of income level, there are also the IRS’s Free File Fillable Forms. These allow for electronic preparation and filing for those who are comfortable doing their own taxes.
  • In-person Free Tax Return Preparation Sites like VITA (Volunteer Income Tax Assistance) and TCE (Tax Counseling for the Elderly) offer free tax assistance and e-filing for qualifying taxpayers.
  • Commercial Software and Online Services can help guide you through the process of preparing and submitting your tax return. Fees will typically depend on the complexity of your financial situation. This option also allows for electronic preparation and filing.
  • Tax Professionals can help guide you through the process of preparing and submitting your tax return, with more support and while answering any questions you may have.

Visit PriorTax.com today to learn about our online tax filing services and how we offer support at the intersection of online and personalized tax services.

What are the benefits of IRS e-file Tax?

There are three main benefits to using IRS e-File:

IRS E-file Tax Increases Convenience

  • Increased Convenience: Using IRS e-File to file your tax return, you can avoid needing to make copies of your return and documents, visit the post office, and pay for postage.

IRS E-file Tax Increases Accuracy: 

  • Increased Accuracy: Using IRS e-File, you can minimize and avoid errors and miscalculations that can happen when manually filling out your tax paperwork. There are built-in accuracy checks, and the system can do calculations for you. Whether this goes beyond the basic calculations will depend on which option you choose. IRS e-File also avoids the chance for data-entry errors on the IRS’s end since they don’t need to re-enter your information into their system.

IRS E-file Tax Increases Speed of Processing

  • Increased Speed of Processing: Using IRS e-File, you can receive acknowledgment of your filing in 24 hours or less, often in near real-time. No need to wait for your paper return to arrive at the IRS or the system processing cycle. Faster processing also means that if you are owed a refund from the IRS, that will be processed faster. Faster money back in your wallet. Combined with requesting your refund direct deposited to your designated bank account is the quickest route to a speedy tax refund.

Is IRS e-file safe?

IRS eFile uses encryption technology to make sure that all tax returns are protected and secure. To date, more than a billion tax returns have been e-filed and processed securely and safely. In addition, the IRS works with both states and tax industry leaders to ensure the continued security of the system.

When looking to use IRS eFile, make sure to use a reputable service. The IRS maintains a database of authorized e-file providers who are qualified to prepare, transmit and process e-file returns. It’s essential to do due diligence to ensure you are working with a reputable tax professional.

I need to amend my tax return. Is e filing my 2020 or 2019 return possible?

Yes. eFiling 2020 of Form 1040-X ‘Amended U.S. Individual Income Tax Return’ is available for both the 2020 and 2019 tax years. However, you need to have e-filed your original 2020 or 2019 tax return to be able to take advantage of this option. 

Paper filing continues to also be an option for filing Form 1040-X. You can visit the IRS website to confirm the mailing address for mailing your Form 1040-X, which will differ depending on your situation and where you live.

After efiling my 2020 amended tax return, how can I check up on it?

The IRS website offers a “Where’s My Amended Return?” tool that can be used to check on the status of your amended return. This tool can be used for this year as well as the three prior years. You’re able to use this tool both if you prepared and submitted a paper Form 1040-X and if you filed electronically.

I haven’t filled my 2020 tax return yet. Is efiling my 2020 federal taxes still possible?

The IRS’s deadline to file 2020 tax returns has now passed, both the regular deadline (May 17th) and the extended deadline (October 15th) if you filed for an extension by May 17th. The main thing this means for you is that your 2020 tax return is now considered a prior year return.

There are some restrictions for prior year returns.

  • Only current year tax returns can be filed using the IRS Free File program.
  • E-filing isn’t available for prior year returns, like 2020 tax returns, when you use a self-preparation website. That means you would need to print and sign, then mail off your 2020 tax return.

However, as a registered tax preparer with the IRS, at PriorTax.com, we can assist with efiling 2020 tax returns. Just choose the CPA Review option when you file your 2020 tax return with us.

With a CPA Review, you will receive a personalized consultation with one of our certified public accounts. They are available to help you maximize your eligible deductions and credits to either boost your tax refund or reduce how much tax you owe.

Visit our website today to learn more about our full suite of services, including CPA Review. We’re here to help!

After Efiling my 2020 tax return, how can I check up on it?

The IRS website offers two options, the “Where My Refund?” tool and the IRS2Go app. You can use either option to check on the status of your tax return. To use these tools, you will need:

  • your social security number or ITIN (individual taxpayer identification number),
  • your filing status, and
  • your exact tax refund amount.

Reach out to us for Free Tax Online Support with 4.8 stars for customer service satisfaction.

2020 Tax Calculator

Posted by admin on November 16, 2021
Last modified: November 16, 2021

Taxes can feel complicated and opaque a lot of the time. But use a tax calculator to find out whether you owe the IRS or if the IRS owes you a refund and to find out how much money is involved.

If you haven’t yet filed your tax return for 2020, a tax refund calculator can be a good step so that there are no surprises as you prepare your tax return. The 2020 tax refund calculator asks you a few questions regarding your personal situation, income, and expenses during 2020. Using this information, 2020 tax calculator will give you an estimate of how much of a refund to expect from the IRS or how much of your tax bill to the IRS is still outstanding.

With your tax documents on hand, visit PriorTax.com and use our 2020 Tax Calculator to find your tax refund or bill today. On our website, you will discover tax calculators for each year going back to 2011. Each one has been designed to ensure you are getting accurate estimates based on the relevant laws for that year.

Is the 2020 Tax Calculator safe to use?

Using the 2020 Tax Calculator on PriorTax.com is entirely anonymous and doesn’t require an online account to use. You don’t need to enter any identifying personal information to use it.

What do I need to use the 2020 Tax Calculator?

Our online tax calculators can only be as accurate as the information you enter. So, how can you get the most accurate estimate of your tax refund or tax bill possible? Have your relevant tax and financial documents by your side and refer to them.

These things can get busy quickly. So, when you open the 2020 Tax Calculator, you’ll see that we have divided the needed information into three sections to make filling it out straightforward and user friendly.

  • Family: Use this section to input your personal details (minus any identifying information)
  • Income: Use this section to input any income you received as an employee or while unemployed or from investments, retirement funds, self-employment, or other business activities. This section is also for any miscellaneous income such as Social Security benefits, withheld taxes from benefits, alimony payments received, gambling winnings, etc. 
  • Deductions and Credits: Use this section to input information used by the 2020 Tax Calculator to determine your eligibility for any deductions or credits. Relevant information includes:
    • household and unreimbursed work expenses as an employee
    • education expenses
    • donations of cash or property
    • retirement plans
    • any tax payments made during the year

Are you missing your 2020 stimulus checks?

The first two rounds of Economic Impact Payments that went out in 2020 were, in fact, advance payments by the U.S. Government of the 2020 Recovery Rebate Credit. That’s why our 2020 Tax Calculator asks in the Family section for the amount you received for the 1st and 2nd Recover Rebate Payments. You can find the amounts for your first and second payments to fill out these two fields either by viewing your IRS online account or referring to the letters sent by the IRS, Notice 1444 and 1444-B.

Most people who were eligible already received their 2020 stimulus payments. Did you not receive your payments or did you get less than the full amount? You may be able to claim the 2020 Recovery Rebate Credit on your 2020 tax return. Note that any already issued Economic Impact Payments reduces the amount of 2020 Recovery Rebate Credit taxpayers are eligible for.

If your income was more than $12,400 in 2020 (or more than $24,800 if you are married), to claim any missing stimulus payments, you need to file a 2020 tax return.

Next Steps… on 2020 Tax Refund Calculator

Do you have a large tax refund coming your way or a large tax bill to pay according to the 2020 tax refund calculator? In that case, it may be a good idea to check on your withholding status.

The IRS website offers a Tax Withholding Estimator, which you can use to complete a new Form W-4 and ensure that you don’t have too much or too little tax withheld from each paycheck.

Use the information you gathered together to use the 2020 tax refund calculator along with any changes that you currently anticipate for filing your 2021 tax return to work through the Tax Withholding Estimator. This web calculator compares your current total taxes being withheld to an estimate of your actual tax obligation. It will let you know if too little or too much of your paycheck is being withheld and then provide the information you need to fill out Form W-4 to adjust your withholding.

What is Form W-4?

Form W-4 is also known as the ‘Employee’s Withholding Certificate’. Your employer uses this form to make sure that the correct amount of federal income tax is withheld from your paychecks.

When do you use Form W-4?

You most often get asked to fill out this form when you switch or get a new job. However, it can be a good idea to check out your withholding status and fill out a new Form W-4 when you have any changes to your personal or financial situation that can affect your taxes. 

After you used a 2020 tax calculator to estimate your federal tax obligations, do you find yourself owing a large tax bill to the IRS, or does the IRS owe you a large tax refund? These may be signs that you need to fill out a new Form W-4 so that your employer can adjust that amount of tax they are withholding from your paychecks.

How can I benefit from filling out a new Form W-4?

A more accurate Form W-4 will help to avoid any unexpected tax bills when you file. It could mean more money in your pocket each pay period if you were having too much of your paycheck withheld for tax obligations. In addition to smaller take-home pay, when your withholding is too high, you aren’t earning any interest on the amount that you are overpaying to the IRS.