Julie Jason:
Free options for filing taxes.
Did you know that, with the help of the IRS, you can file your 2020 tax return, possibly for free?
Now that it’s the second month of a new year, you may be eager to do your 2020 taxes, especially since the IRS recently began accepting and processing returns. Why not do that electronically on your tablet or smartphone, even if you are used to filing a paper return? No app is required to file, and electronic filing will help the IRS avoid paper processing in this time of COVID-19 and potentially avoid delays in you getting a refund.
This is what you need to know.
The IRS is ready to help you prepare your return. You may even qualify for free help through the IRS’ online Free File offering (tinyurl.com/y7lq2mn2), which includes electronic filing and even direct deposit of tax refunds the IRS owes you (tinyurl.com/y8tv3g42). To be eligible for free help, if you had an adjusted gross income (AGI) of $72,000 or less in 2020, you will have at least one free offering you can take advantage of. The service is not limited to simple tax returns; major tax forms can be filed electronically.
Free File is set up by the IRS with the help of brandname tax software providers (called “Free File partners”), such as TaxSlayer, TurboTax and 1040Now. You’ll want to review your choices of different software vendors by using the lookup tool (tinyurl.com/s3yzqwz) on the IRS.gov website.
For example, to be eligible for TaxSlayer, you would need to have an AGI of $72,000 or less and be age 51 or younger (although you can be any age if you are eligible for the earned income tax credit, or EITC). TaxSlayer can file from any state of residence, and it can handle state income tax filings for 22 states and the District of Columbia.
The lookup tool will help you find whether a tax software provider also offers an income tax filing for the state you live in. For example, if you live in Georgia and have an AGI of $60,000, you will have up to three tax preparers to choose from for state income tax. Note that for some of the providers in the Free File Program, there is no free state tax preparation.
If you are a veteran, check out MilTax online software (tinyurl.com/yaavwa8f), offered through the U.S. Department of Defense, where certain veterans can do their taxes regardless of how much they made in 2020.
Let’s say you are ready to jump into Free File using your computer, smartphone or tablet. How do you do that? Use your device to log on to the Free File page of the IRS website (tinyurl.com/y7lq2mn2), and click the box titled “Choose an IRS Free File Offer.” On the next page, select “Start Lookup Tool.” From there, you’ll answer questions about your filing status, age, AGI, earned income tax credit, state of residence and military pay (if any), and then it will give you the results. If you want to do a quick scan of possible offers, you can fill out fewer details by selecting the “Browse All” link.
Before leaving the subject of tax returns, let’s talk about the economic impact payment. If you did not receive the payment that you are eligible for, it may be that you don’t normally file a tax return. If that’s you, take advantage of Free File as soon as possible to file a 2020 return and claim a Recovery Rebate Credit. According to the IRS (tinyurl.com/yb9bl29l), by filing electronically, “the tax software will ask you questions about your income, credits and deductions and will help you figure your Recovery Rebate Credit.” Happy income tax filing! On another note, if you are interested in the basics of retirement investing, join me for a virtual presentation, “Financial Planning for Retirement I: Plan for Good Times and Bad,” on Wednesday, March 3, at 1 p.m. EST, sponsored by the Greenwich (Connecticut) Library. To register, go to tinyurl.com/y79cp37l or contact Yang Wang, 203622-7924, ywang@greenwichlibrary.org.
Julie Jason, JD, LLM, a personal money manager (Jackson, Grant of Stamford) and author, welcomes your questions/comments (readers@juliejason.com). Her awards include the 2020 Clarion Award, symbolizing excellence in clear, concise communications. Her latest book, a curated collection of Julie’s columns, is “Retire Securely: Insights on Money Management From an Award-Winning Financial Columnist.” To hear Julie speak, visit juliejason.com/events.
ROME — The artist who sculpted Charging Bull, the bronze statue in New York which became an iconic symbol of Wall Street, has died in his hometown in Sicily at age 80.
Arturo Di Modica died at his home in Vittoria on Friday evening, the town said in a statement on Saturday. Di Modica had been ill for some time, it said.
The sculptor lived in New York for more than 40 years in New York. He arrived in 1973 and opened an art studio in the city’s SoHo neighborhood. With the help of a truck and crane, Di Modica installed the bronze bull sculpture in New York’s financial district without permission
on the night of Dec. 16, 1989.
The artist reportedly
spent $350,000 of his own money to create the 3.5-ton bronze beast that came to symbolize the resilience of the U.S. economy after a 1987 stock market crash.
“It was a period of crisis. The New York Stock
Exchange lost in one night more than 20 percent, and so many people were plunged into the blackest of depressions,” Rome daily La Repubblica quoted Di Modica as saying in an interview earlier this month.
He said he conceived of the bull sculpture as “a joke, a provocation. Instead, it became a cursedly serious thing,” destined to be one of New York’s more visited monuments.
In the La Repubblica interview, Di Modica detailed how he, some 40 friends, a crane and a truck carried out a lightning-swift operation to plant the statue near Bowling Green park, a short stroll from the headquarters of the New York Stock Exchange, without official authorization.
“Five minutes. The operations shouldn’t have lasted more. Otherwise, we’d risk big,” he recalled. “After a couple of scouting
trips, I had discovered that at night, the police made its rounds on Wall Street every 7-8 minutes.”
When the sculptor and his friends arrived at the spot he’d picked, they were surprised to see a Christmas tree had been erected there. They deposited the bronze bull anyway, and, as the artist told it, uncorked a bottle of Champagne.
Di Modica left Vittoria, Sicily, at age 19 for Florence, where he studied at
the Fine Arts Academy.
At the time of his death, he was working on prototypes for a twin horse sculpture he planned to make for the Sicilian town. It was envisioned as a 132foot-high work to be erected on the banks of a river.
The town declared Monday, when Di Modica’s funeral will be held in Vittoria’s St. John the Baptist Church, as an official day of mourning.