Tax Tips and Changes You Should Know

Tax Tips and Changes You Should Know

02/5/2020 Tags: Announcements, In the News

Gearing up to file your taxes? Want to keep up to date on the latest changes? Below you’ll find information and links to help keep you in the know.

Changes for this year’s taxes

For people who usually do their own taxes, there’s no longer a 1040-A or a 1040-EZ, sometimes called the “short form. They’ve been replaced with the 1040 and the 1040-SR, which is meant for those 65 and older. The 1040-SR features a larger font and better readability and includes income reporting for sources that are more common among senior citizens.

Also, fewer taxpayers are itemizing their deductions because of the changes to the standard deduction.

Health insurance changes

There’s no longer a penalty for not having health insurance. But if you or someone in your family took advantage of coverage through the Health Insurance Marketplace, you’ll need to note that on your return and make sure you include the right forms and statements.

For South Dakota farmers and ranchers

With the National Disaster Declaration that went into effect in November, most farmers and ranchers in South Dakota can defer income — like that for cows, calves, crops, and insurance.

Misc. tax tips

  • If you have an IRA or a health savings account, you may still be able to contribute to it up until the April 15 tax deadline. IRA contributions are still at $6,000 in 2020, the same as they were in 2019. The 401(k) elective deferral increased from $19,000 to $19,500, and the 401(k) catchup for those 50 and older increased from $6,000 to $6,500.
  • Also, the SECURE Act recently went into effect, and it impacts certain people who inherit IRAs and how long they have to withdraw the money from those accounts — among other changes.
  • And the standard mileage reimbursement decreased from 58 cents in 2019 to 57.5 cents in 2020.

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