Published January 15, 2021.
Perfect for those earning under $72,000.
Finally, a reason to be glad you don't make the millions of Amazon's Jeff Bezos. Or have the net worth of Elon Musk.*
As the IRS readies to accept 2020 tax returns, it reminds us that almost anyone who earned under $72,000 in 2020 can file a tax return for free.
Free is good. And it's really easy if you jump to TurboTax to set up your own account to file for free.
TurboTax will ask you (several times) if you want to upgrade your tax return to one that's more robust — and costs money. If you do, you'll get an STCU discount of up to $15 on federal tax returns.
Start with TurboTax free file and complete your 2020 tax return until the TurboTax program alerts you that you'll need additional forms, or take other steps, to "upgrade" your tax return.
Taxpayers have just 62 days to file their taxes. Thanks to the COVID-19 pandemic, the tax season officially begins February 12, 2021, when the IRS says it will begin to accept tax returns for 2020. The average refund for 2019 tax returns was $2,500, the agency notes, and this year's Tax Day deadline is Thursday, April 15, 2021.
To speed up your IRS tax refund, you'll need your 10-digit STCU checking or saving account number and the STCU nine-digit routing number: 325182700.
How to get STCU tax statements.
Retrieve your 2020 tax statement from STCU by logging into STCU online banking and opening the "Self-service > Access my statements > Taxes" page. If your statement is not yet available, check back at the end of January 2021.
Track your tax refund: Check to see if your tax refund is already on the way! Log into STCU's online banking and open the "Self-service > View pending direct deposits" page to view any deposits the IRS or others have scheduled for you.
Tax Day deadline is Thursday, April 15, 2021, so there's plenty of time to gather your statements, receipts, and so on, then file your income taxes with the IRS. Here are a few additional resources that might help:
- Visit the IRS Free File website. There's even the possibility that you could claim the Recovery Rebate Credit if you didn't get a full economic impact stimulus payment.
- Visit the Free File Alliance website. It includes a list of all the organizations that have signed up as partners with the IRS to provide taxpayers a no-cost alternative to filing taxes.
- Or go old school by hiring a professionally trained local tax accountant, lawyer, or tax preparer. We encourage you to consult your tax adviser when completing your tax return.
*Before you write a comment below, please know that we understand that the two richest people on Earth may actually earn little in taxable income. Their wealth reflects their ownership stake in successful companies, not the money they earn on the job. Who knows? They might be able to file for free!