Extra Month to File 2020 Taxes — Should You Wait?
Many Social Security recipients must pay income tax on at least a portion of their benefits received each year. Thus it was likely welcome news that the IRS extended its deadline from April 15 to May 17, 2021 for 2020 taxes. But Maurie Backman discusses whether it makes sense or not to delay until May 17th. If you are owed a refund, file immediately. Backman notes the average tax refund for the week ended March 5, 2021 was $3,061. Further, if you never got round one or two of stimulus, you have the option to get that money by claiming it on your 2020 taxes in the form of the Recovery Rebate Credit. Full article here.