The 2020 tax year is going to be a hot mess

Source: Michelle Singletary - Washington Post (Paid Registration)

Brace yourself: Coronavirus-related tax issues could trip you up in the coming year, resulting in a bill that you can’t pay.

Next year’s tax season is going to be very confusing, warns Erin Voisin, director of financial planning at California-based EP Wealth Advisors.

Some people who aren’t required to submit a federal return will find they must file one if they want the $1,200 stimulus payment promised under the Coronavirus Aid, Relief and Economic Security (Cares) Act. Others filing federal returns will have to account for decisions they made to take advantage of provisions in the Cares Act that offered relief for retirees and penalty-free 401(k) withdrawals.

Here are some tax issues that may impact your 2020 returns, due next April.

Read Full Article: The 2020 tax year is going to be a hot mess




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