Taxes

Filing 2020 Taxes Will Be Trickier For Many Due to COVID. Here's What to Know

Stimulus payments are not taxable but you do need to account for the cash

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Filing your 2020 taxes will be trickier due to COVID-19. 

Questions about unemployment, working from home and stimulus payments have left Americans wondering how this will impact any refund they may be owed.

"Unemployment income is taxable and so that may have a little bit of an impact on your tax return," notes H&R Block chief tax expert Kathy Pickering.
 
Stimulus payments are not taxable but you do need to account for the cash.

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"You'll be reporting if you received the first stimulus payment, the second stimulus payment and if you thought you were entitled to more," Pickering says.

If you think you got short-changed on stimulus money, it's possible the IRS doesn't know about life changes such as a new child, dependent status or a significant change in income.

Learn more here

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