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Piggy bank standing on dollars

Source: David Franklin / Getty

Tax filing season will officially begin on February 12.

This will be for two reasons: to give them time to adjust to changes that Congress made in the tax code last year, and also to make adjustments because of the second coronavirus-related stimulus payments.

Source

“These changes ensure that eligible people will receive any remaining stimulus money as a recovery rebate credit when they file their return,” the agency said, according to CNBC.

The recovery rebate credit is available to tax filers who did not receive the full amount of their stimulus check.

Ways and Means Committee Chairman Richard E. Neal issued a statement on Friday saying he’s disappointed about the delay but recognizes the IRS is facing unique challenges this year.

“It is encouraging that the IRS expects taxpayers who file electronically at the beginning of the season and claim refundable tax credits to receive their refunds by the first week of March,” Neal said. “I urge taxpayers to complete their returns and file electronically as early as possible.”

The IRS also announced the IRS Free File program is available now if taxpayers want to start working in advance of the Feb. 14 date.

The deadline for filing your 2020 taxes is April 15.

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