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P.O. Box 1411 Bismarck, ND 58502-1411
January/February 2021
Organize for Tax Season
Another tax year is in the books and it’s time to get organized. Review the information you needed last year and consider any changes to your situation this year, so you can gather the appropriate documents to make filing your tax return easier.
With high pandemic unemployment, you may have collected unemployment compensation for the first time and you should receive a Form 1099-G from your state. Both federal and state unemployment compensation is taxable as ordinary income.
And if you made at least a $300 cash donation to charity in 2020, under the CARES Act you’ll be able to claim a deduction even if you don’t itemize. Make sure you have written acknowledgment of your donation from the charity. Copies of cancelled checks or bank statements won’t satisfy IRS recordkeeping rules.
Remember you have until April 15, 2021 to make contributions to your IRA for 2020. You can contribute $6,000 if you’re under 50 and $7,000 if you’re 50 or over. Now is a great time to organize your financial and tax strategies for 2021.
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