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You are here: Home / Roth IRA / Local tax pro’s warn of 2020 changes and deadlines

Local tax pro’s warn of 2020 changes and deadlines

December 28, 2020 by Retirement

QUINCY (WGEM) — Local tax professional say there’s a number of deadlines people need to be aware of as the new year draw close.

Officials with Liberty Tax Service in Quincy said there’s a number of deadlines coming up on December 31, including the deadline to convert a traditional IRA into a Roth IRA and the deadline to pay deductible bills if you itemize deductions.

“If you had gambling winnings or if you want to report gambling losses, you’ll have to have those by December 31,” tax preparer Mark Pegler said. “Medical expenses you have paid, you actually have to pay those, they’re not just billed to you. You actually have to pay them by December 31 in order to have it count on your return.”

Officials said there are also a number of changes people need to be aware of.

One change is those over 70.5 years old can now make a qualified charitable contribution from a IRA, making it tax free.

Another is a deductible for cash contributions made to charitable organizations.

“In the past you may have contributed to different non-profit organizations and didn’t have a whole lot so you just lost all your receipts or didn’t keep track of them or didn’t bring them in to your tax preparer,” Pegler said. “But this year there is up to a $300 deduction allowed even if you’re not itemizing your deductions.”

Pegler said those contributions need to be made by December 31.

Those looking to get a jump on their taxes can view the 2020 individual income tax return form here.

Filed Under: Roth IRA

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