What to know for your 2020 tax return
OMAHA, Neb. (WOWT) - 2020 threw many people into a year of finances they didn’t predict. What you need to know to be ready to file this tax season.
Q: Are stimulus checks taxed?
Q: If I had a child in 2020 will I receive stimulus money the government said each family would get per child?
A: Yes. The 2020 stimulus money was based off your 2019 tax returns. If you had a child in 2020, the government did not know you had a new child eligible. You will be able to claim a tax credit and get any missing stimulus on your 2020 tax return.
Q: Is unemployment taxed?
A: Yes. Any unemployment received in the last tax year will be taxed as 2020 income. You can set up payment plans if you are unable to pay it back all at once.
Q: Can I deduct items from my taxes I purchased to work from home?
A: No. Tax reform no longer allows employees to make itemized deductions.
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