The BIG question – Should I file my tax return now or wait a few weeks?
Well, usually I would say filing early is the best idea, especially if you are due a refund. Based on my experience from last year though, perhaps it may be best to wait.
Last March 2021, we received an update from the IRS that $10,200 of Unemployment Assistance Income would NOT be taxable! By then, thousands of taxpayers had already filed their returns and paid taxes on this money. They were then in an awful position of waiting for the IRS to adjust their return and send their money back. Not a great spot.
So for 2021, we have not received any guidance on the Unemployment income. Will it come? Maybe. So perhaps wait a few weeks before you file?
What are your thoughts?
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