Sample 2′ The pandemic year of 2020 was a doozy. Besides affecting the health, jobs, home lives and psyches of millions of Americans, the pandemic may also have consequences for your tax bill.
Three giant legislative packages extended different types of coronavirus-related relief, including two rounds of stimulus checks, expanded unemployment benefits and a series of tax breaks. The latest, a $1.9 trillion stimulus package signed into law on Thursday, will provide many people with yet another check.
Not surprisingly, taxpayers are confused: Can I qualify for a larger stimulus check? Would it be, um, wrong to pay myself the unspent money in my dependent care spending account because I did all of the caregiving while also working? (It feels right, but you probably know the legal answer to that one already.)
We highlighted some of the most significant changes below and tried to answer questions that are most likely to arise.