AARP Tax Tips


Feel FREE to share this information with anyone who asks you about our Tax-Aide program. 

This ONLY applies to those of you who applied for your Stimulus funds using the IRS Non-Filer Tool.

The IRS has announced that taxpayers who used the Non-Filers tool to register for their Economic Impact Payment cannot subsequently file a 2019 tax return electronically. They must instead prepare a paper Tax Year 2019 Form 1040 or Form 1040-SR return, print it, write “Amended EIP Return” at the top and mail the return to the IRS.

If there is a balance due, the tax return must be postmarked by July 15, 2020 to avoid late-filing penalties and late fees.

 

This ONLY applies to those of you who get a REFUND or have NO tax liability.

 Remember, if you DO NOT owe, there is no deadline to file – and no penalty. You can file when the community is a safer place – or even wait until next year’s tax season and do both years.

Should you want to go ahead and file, YOU can do so by any process you choose to use.  You can always get a transcript from IRS.gov.  There are many software programs online that you can choose – the free ones have LIMITS – so check carefully before you choose.

You can check out other possibilities at the IRS website.  All taxpayers, regardless of income, can use IRS Free File to file electronically (but read all the instructions in case there are exceptions that apply to you.)

 

This ONLY applies to those of you who owe.

 If you OWE you will need to file a return or a file an extension before the IRS deadline.

Tax software providers have an electronic version available. Taxpayers, regardless of income, can use IRS Free File to electronically request an automatic tax-filing extension.

If you choose to file an extension and NOT pay – remember that the interest will begin accumulating on July 16th.

You can even pay electronically at the irs.gov site.  Follow their instructions.

 

South Carolina Department of Revenue tax return.  Do you owe them? 

Even if you do not owe the Federal tax – you may owe the state. They, too, have the July 15th deadline.

[If it is a state other than SC – you can go to the state’s DoR and find out their deadline.]

We hope you know that we regret NOT being able to help you as much as you do.

We can only hope that you stay healthy and safe and we are free to assist you next year.

Your only source of information for your tax return will be www://irs.gov.


July 15 tax deadline approaching; automatic extension to Oct. 15 available; plan on scheduling multiple payments now

The Department of the Treasury and IRS announced that the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15. Individuals filing Form 1040 series returns must file Form 4868 by July 15 to obtain the automatic extension to Oct. 15 for additional time to file the tax return. However, the Oct 15 extension is not an extension to pay any taxes due.

Additionally, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. Taxpayers who owe a 2019 income tax liability, as well as estimated tax for 2020, must make two separate payments on or by July 15, 2020: One for their 2019 income tax liability and one for their 2020 estimated tax payments. The two estimated tax payments can be combined into a single payment

Individuals wishing to take advantage of this payment option should visit IRS.gov/payments, select the cash option in the “Other Ways You Can Pay” section and follow the instructions.