Tax Filing Season Brings Changes, Deadlines

By Benjamin Cox on December 30, 2020 at 9:54am

Tax filing season is right around the corner. Several deadlines for taxpayers come due at the end of this month. The deadline to convert a traditional IRA into a Roth IRA and the deadline to pay deductible bills if you itemize deductions is December 31st.

If you have gambling winnings or losses, those will have to be reported by December 31st. Medical expenses accrued in the calendar year must be paid up by the end of the month for it to count on your upcoming tax return.

There are also several upcoming tax filing changes in the new year. Those over 70.5 years old can now make a qualified charitable contribution from an IRA, making it tax free. This year, if you do not itemize your deductions, there is up to a $300 deduction allowed for cash contributions to charitable organizations. Those contributions must be made by December 31st.

Those in Jacksonville who utilize Illinois College’s VITA tax program will not be able to use it this year due to the pandemic. John Rush of Illinois College who coordinates the program said in email communication earlier this month that to adequately ensure safety of students, staff, and the public, they will not operate the program this year. Rush says they hope to return in 2022.

Rush says you may contact the IRS at 1-800-906-9887 to inquire about other VITA locations in the area.