The deadline to file taxes to receive the 3rd stimulus payment is May 17, 2021. If you have not received yours, this flyer has instructions on how to file your taxes this year and get all of money you and your family are owed. Here are a few tips to help navigate filing a return.
Need help filing
Free income tax preparation is available at Campaign for Working Families www.cwfphilly.org and through the IRS. https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers
Unemployment Compensation is Taxable Income
* The first $10,200 in 2020 unemployment benefits is tax free for families making $150,000 or less. People who had taxes withheld from unemployment benefits in 2020 will be able to recover them when they file their 2020 taxes or by filing an amended return if they have already filed their taxes
Unemployment Compensation (UC) benefits are considered income for federal income tax purposes. Any UC received during the year must be reported on your federal income tax return.
The Department of Labor and Industry reports these benefits to the IRS for the calendar year in which the benefits were paid. The benefits are reported on Form 1099.
If you received regular UC, including Pandemic Emergency Unemployment Compensation (PEUC), it will be reported on Form 1099-G. If you received Pandemic Unemployment Assistance (PUA), it will be reported on Form PUA-1099-G. If you received both regular UC and PUA, you should expect to get a Form 1099-G and a Form PUA-1099-G. You will need to add the payments from all forms when filing your tax return.
Missing Stimulus Payments
Individuals owed money, from the IRS for missing stimulus payments, can claim the Recovery Rebate Credit on their 2020 tax return. This is important for non-filers, who neither filed a tax return in 2018 or 2019, nor used the IRS Non-Filers Tool to claim their stimulus payment.
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The AIDS Law Project does not prepare tax returns. If you have other tax-related questions, please contact us at 215-587-9377, intake@aidslpslawpa.org or our on-line form https://www.aidslawpa.org/on-line-intake/