BELOW SUPERNAV drop zone ⇩

Death and taxes: IRS deadline April 18 despite pandemic

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Testing widget old system

Lorenzo shared

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

(NewsNation Now) — Nothing is certain except death and taxes, Ben Franklin said, and this year the IRS is showing it’s just as over the pandemic as the rest of us. Of course, the way the IRS shows that is by returning the tax filing deadline to the normal date of April 18.

Tax expert Lisa Greene-Lewis joined “Morning in America” Monday to help sort out the tax-filing changes wrought by layoffs, increased unemployment, tax credits and other financial fillips unique to the pandemic.

One big thing to keep in mind pertains to one of the most popular parts of pandemic relief: the Child Tax Credit. These payments were an advance on the credit you get when you file your taxes every year, not an “extra.” Therefore, you’ll likely see a smaller tax credit available per child when you file this year if you took the CTC checks. You’ll want to have Form 6419 handy, which indicates the amount of advances received.

While she couldn’t speak to any possible credits being discussed by Congress now that might retroactively affect 2021 taxes, Greene-Lewis did point out that there were tax reliefs and increases to personal deductions that were carried forward from 2020 that would come in handy this year. Deducting cash contributions to charity and using 2019 income to calculate Earned Income Tax Credit standing were two of them.

The EITC “lookback” credit can be huge, according to Greene-Lewis, allowing a family with three children to qualify for up to $6,700 in tax credits.

For those who received stimulus checks but didn’t get all they could have collected, Greene-Lewis said they can balance the scales at filing time. The “Recovery Rebate” credit allows filers to deduct the amount of relief they were eligible for but did not receive.

As always, there are online tools to help you file your taxes that are updated regularly, or you can always hire a professional “in person” to walk you through the process.

Morning In America

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Cloudy

la

69°F Cloudy Feels like 69°
Wind
2 mph SSE
Humidity
68%
Sunrise
Sunset

Tonight

Partly cloudy early with increasing clouds overnight. Low 62F. Winds light and variable.
62°F Partly cloudy early with increasing clouds overnight. Low 62F. Winds light and variable.
Wind
6 mph W
Precip
13%
Sunset
Moon Phase
Waning Gibbous