Tax Forms & Deadlines
We provide you with tax forms, statements and essential information to help you prepare for tax season. To view your tax forms and statements, please log into your online banking account or your mobile banking app. Select Statements and Tax Documents from the main menu and follow simple prompts to access your documents for 2020.
Important dates for you 2020 tax return
January 31, 2021: the following are due from your financial institution
- 1099-INT: For members who earned $10 or more on interest. You can see total dividends paid out to you in 2020 on your December 2020 statement.
- 1099-R: If you received a distribution of $10 or more from your retirement plan.
- 1098- For members who have a mortgage or a loan that is secured by a property, and paid $600 or more in interest in 2020.
April 15, 2021
- Tax Day
- Last day to make IRA contributions
The 2020 and 2021 annual contribution limit for IRAs is $6,000 per eligible individual. Those aged 50+ can make additional catch-up contributions of up to $1,000 ($7,000 total contribution). For more information, please visit the IRS dedicated resources.
July 15, 2021
- Filing deadline if you received an extension
View more important dates and information for your 2020 tax returns.
- The Impact of Stimulus Payments on Your Taxes
What a year 2020 has been! New Year’s celebrations were barely over when the coronavirus turned things topsy-turvy. But one bright spot for 159 million people was the $1,200 Economic Impact Payment that appeared in their mailbox or checking account.
If you didn’t receive a payment, you may be wondering, why? And if you did, you may be wondering, what’s the catch? We are here to help put your mind at ease, so let’s tackle your questions, one by one.
Do I owe tax on the money I received? That’s an easy one: No. The stimulus payment was designed to impact the economy, not your taxes, so it won’t reduce your 2020 refund or increase your tax due.
I didn’t get a payment – why? If your income for 2019 or 2018 was over $75,000 ($150,000 if you filed jointly, $112,500 if you were head of household), then your payment was reduced by $5 for every excess $100 you earned. And if you didn’t file a tax return for either year, you may not have gotten a payment. But don’t despair, you still may be entitled to payment. Really? What can I do now? If you were supposed to file a 2019 tax return and didn’t, file right away. If your income was too low to file, at IRS.gov you can click on the tab marked “Non-filers” and fill in your basic information. If the IRS determines you are eligible for a payment, they will send it to you.
What if my income has gone down? If your 2019 income was too high for you to receive a payment, but your income this year is much lower, you are in luck. You can claim your stimulus payment on your 2020 income tax return, and it increase the refund you receive (or reduce any tax due).
My 2020 income is higher than in 2019 – will the government want the money back? No. If you received a stimulus payment based on lower income in 2019, that payment is yours to keep even if your income increased above the threshold in 2020.
When it's time to file your taxes TurboTax is here to help!
From simple to complex taxes, TurboTax® has you covered. And when you need help, real experts are standing by — and can even do your taxes for you, start to finish with TurboTax Live®. Getting your biggest possible tax refund has never been easier. And as a credit union member you can save up to $15 on TurboTax. Click here to get started today!
- Five Hidden Ways to Boost Your Tax Return
Tax time is just around the corner. Wouldn’t a big fat tax refund come in handy? Well, here are steps you can take now to boost your tax refund when you file after the first of the year.
Itemize your deductions.The standard deduction is $12,400, so it’s tempting to claim it rather than tracking down receipts and tax forms so you can itemize your deductions. But itemizing might be worth it if you are a homeowner with a sizeable mortgage, gave money and “stuff” to charity, or paid points when you took out your mortgage. If you are an educator, you can deduct up to $250 of school supplies even if you don’t itemize deductions. Start gathering information right away so you’ll have everything ready at tax time.
Claim education expenses.If you are paying college expenses for yourself, your spouse or a child, two education credits can help defray those costs, the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The AOTC is a partly reimbursable credit for 100% of the first $2,000 of education expenses you pay and 25% of the next $2,000. The Lifetime Learning credit (LLC) is 20% of the first $10,000 of education expenses. The AOTC is eliminated once your income exceeds $90,000 and the LLC at $68,000. There are other differences as well, so weigh your options carefully in deciding which credit to claim. Start gathering the data you’ll need to claim the deduction, and consider prepaying tuition or other costs to get the maximum credit possible.
Claim credit for your “full house”.If your adult children, their significant others and friends have come to live with you, you may be eligible to claim a $500 tax credit for non-child dependents you support if their income is less than $4,300. You can claim the credit for parents you support, even if they don’t live with you. Stick a note into your tax file (you do have a tax file, don’t you?) reminding you to look into claiming these credits at tax time.
Contribute to tax-deductible retirement accounts.This is a way to save for your future and boost your tax refund. If your income is under $65,000, you may qualify for a Saver’s Tax Credit as well. That’s three different benefits from the same action. Make contributions to your 401(k) by the end of the year. Though you have until the tax filing deadline to contribute to an IRA, if you are claiming the Saver’s Tax Credit, do that by year end as well.
Deduct worthless investments.If you have any investment that went belly-up, sell it before the end of the year and claim a tax loss. If someone owes you money that you can’t collect, you can claim that as a bad debt deduction as well. Write a description of the debt that includes the name of the debtor, the amount and the date the debt was due, and any relationship between you and the debtor. Describe the efforts you made to collect, and why you think the debt is now worthless.
Here’s a bonus tip: File your tax return on time. You won’t get a tax refund until you file your tax return. But really, even if you aren’t required to file a tax return because your income is low, file anyway to claim your refund for taxes withheld and any refundable credits you are entitled to. If you wait more than two years to file, the IRS will not issue you a refund.
When it's time to file your taxes TurboTax is here to help!From simple to complex taxes, TurboTax®has you covered. And when you need help, real experts are standing by — and can even do your taxes for you, start to finish with TurboTax Live®. Getting your biggest possible tax refund has never been easier. And as a credit union member you can save up to $15 on TurboTax. Click here to get started today!
- Tax Tips for Unemployment Income If You’ve Been Laid Off or Furloughed
If you lost your job or were furloughed this year, we are so sorry. If you were lucky, your company may have paid you furlough or severance. Either way, you likely applied for unemployment benefits, once you could get through on the busy, busy phone lines. And now, with tax time approaching, you may wonder if you owe taxes on the money you received, and if so, when and how you need to pay the tax.
Is my furlough pay or severance taxable?
Unfortunately, yes, any furlough pay and severance benefits from your employer is taxable, and your employer probably withheld taxes from that pay. The income and withholding will be included in the W-2 you receive in January. You’ll report the W-2 information on your tax return for 2020 and pay any taxes still due or, fingers crossed, claim a refund for overpayment.
I got laid off, do I have to pay tax on my unemployment?
If you received unemployment benefits you will owe federal income tax on those benefits, and you'll receive a Form 1099G reporting that income to you. You may owe state income taxes as well, unless you live in one of the six states that don’t tax unemployment benefits (California, Montana, New Jersey, Oregon, Pennsylvania and Virginia), or one of the seven states that don't have a state income tax.
Withholding taxes are not automatically taken out of unemployment benefits, so unless you opted to have taxes withheld anyway, no taxes were withheld. At this point some you are beginning to get the not-so-lovely picture. Taxable income received; no taxes withheld – uh oh! – taxes owed.
Isn't the extra $600 federal benefit exempt from tax?
No, afraid not. The State unemployment benefits were boosted by a $600 per week Pandemic Unemployment Assistance supplement through June 2020. That supplement will be included in your taxable income on Form 1099G.
Here's a small glimmer of hope
Your tax bracket will be low if your income for the year was low, which reduces the taxes you owe. But even if you don't plan to file and pay until the April 15 filing deadline, consider preparing your tax return soon after the first of the year. That will give you a realistic picture of your tax situation plus a few extra months to find the money to pay the taxes.
When it's time to file your taxes, TurboTax®is here to help!
From simple to complex taxes,TurboTaxhas you covered. And when you need help, real experts are standing by — and can even do your taxes for you, start to finish withTurboTax Live®. Getting your biggest possible tax refund has never been easier. And as a credit union member you cansave up to $15 on TurboTax. Click here to get started today!
The information presented is for general educational purposes only and not intended to provide specific advice or recommendations. Please discuss your particular circumstances with an appropriate professional before taking action.