Filing taxes amid the pandemic

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ELMIRA, N.Y. (WETM) – If you’re preparing to file your 2020 tax return, and you received a stimulus payment or payments, you probably have some questions.

The most important thing to remember: you won’t be taxed on those payouts.

While you’ll need to report the stimulus as credit — as long as your income fell within federal parameters, and you received the proper amount, your refund will not be impacted.

The government also won’t be reclaiming checks sent to those above the income threshold in error, but they will be making whole those who did not receive proper payments.

“New Yorkers that have been out of work for a while, they want to remember to print out their 1099 G for unemployment. They also have to remember that the tax date has not been extended this year, so tax returns are due April 15th. This year, they will still have to remember that unemployment is taxable income. A lot of people that I’ve seen have not withheld taxes for the year on unemployment and they come in and they get surprised,” said Craig Petrella, a Certified Public Accountant.

“That $1400 is going to be based upon the last file tax return. People are going to want to file their 2020 taxes as fast as possible. The reason for that is because they may be eligible for more of that 14,000 their income level was higher in 2019, then they’re going to get less than,” said Petrella.

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