2020 Individual Tax RemindersPublished:
Individuals can begin filing tax returns with the IRS later this week and many are in the process of gathering tax documents. As you look back over 2020, below are a few reminders.
Charitable contributions. In the past couple of years most individuals have been claiming the standard deduction. For 2020, if you use the standard deduction, you are allowed to claim $300 of charitable contributions on your federal tax return. Be sure to have those receipts to verify your charitable contribution and include them with your tax documents.
Educator expenses. Educators have been able to claim up to $250 of unreimbursed classroom expenses on their tax return. For 2020, educators can also add unreimbursed Covid-19 protective equipment to the list of qualified expenses. If this might apply to you, check out the recently issued IRS news release.
Recovery Rebate Credit. As a reminder, you may have received a rebate, or stimulus payment, in 2020 and/or early in January 2021. In many instances the check could be less than what you were owed, and we can only determine any additional amount if you let us know the amounts received. The IRS informed you of that amounts with Notice 1444 and Notice 1444-B. If you received that notice, please forward it with your tax documents. If you did not receive or keep the notice, make sure you provide the amounts you did receive.
If you have any questions, please contact your client service partner or manager.