Those who receive an Economic Impact Payment (stimulus check) this year should keep Notice 1444 ("Your Economic Impact Payment") with their tax records. This notice provides important information regarding the amount of the payment, how the payment was made, and how to report a missing payment. Taxpayers should keep this notice along with all other important tax records, including:
Forms W-2 from employers;
Forms 1099 from banks and other payers;
other income documents; and
virtual currency transaction records.
For security reasons, the IRS mails this notice to each recipient's last known address within 15 days after the distribution of any payment. It is especially important to keep this notice if you think the payment amount is wrong. Note also that when filing your 2020 tax return, you may refer to Notice 1444, and if eligible, claim additional tax credits.
All taxpayers should keep copies of their past tax returns, together with any supporting documents, for at least three years. Key information from a prior-year's tax return may also be required to file a return in a subsequent year.
Due to the COVID-19 pandemic, the IRS extended the tax filing deadline to Wednesday, July 15, 2020. The IRS continues to process tax returns, issue refunds, and accept tax payments. Taxpayers who opt to mail a tax return rather than file electronically will experience a much longer wait.
For more information, see the following resources:
Want to learn more about your tax rights and responsibilities? Visit www.MyTaxRights.org. for other beneficial resources and information.
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