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After you file
About the only significant changes for 2020 I could think of:
1) ...is IF your 2020 income was below the stimulus payment cutoff, and IF you didn't receive a stimulus payment in 2020, then you might get that applied to your 2020 taxes as a credit.
or
2) IF you took a Covid-related distribution from retirement account in 2020, then the 10% penalty may be waived. (could also have the payment taxed over 3 years instead of all at once)
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎November 9, 2020
10:55 AM
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