REALTORS® planning to submit their own income tax returns by May 17 should be aware of several new things that could affect their refunds.
Changes include:
- Taxpayers who met 2020 eligibility requirements will be able to claim recovery rebate credit,
- Those who received at least $10 interest on 2019 federal income tax refunds got a “Form 1099-INT, Interest Income” from the IRS in January and must report that information on their 2020 returns,
- Those who don’t itemize deductions can take charitable deductions of up to $300 for cash contributions made in 2020 to charitable organizations.
As in previous years, the IRS says the fastest and most secure way to receive a refund is to combine Direct Deposit with electronic filing. On March 17, the IRS announced it was extending the tax deadline from April 15 to May 17. On March 18, Illinois Gov. J.B. Pritzker announced an extension of the deadline for individual tax returns to May 17.
