Tax season is now officially underway after a delayed start this year, and some News 13 viewers have questions.
"Why is the form allowing you to withdraw from your 401(k) without penalty not yet available," April wrote to Ask 13.
Jim Lowe, with AVL Tax Professionals, said several forms for this year's taxes have not yet been approved by the IRS. Lowe said, because of the COVID-19 pandemic, people are now allowed to take money from their 401(k) for certain reasons. And people in a specific age bracket won't be charged the 10 percent penalty. But, the 89-E form taxpayers need is not ready.
"That form is still not finalized by the IRS, so the software people are putting on pending approval by IRS," Lowe said. "So, they are not totally ready for that form yet, from what I understand.
Lowe said there are also a few other things to be aware of this tax season.
If you received an economic stimulus check, you will have to include the exact amount when you file your taxes. That applies to the check issued in May and the one sent out last month.
Another change this year is that taxpayers can now write off up to $300 in charitable cash donations.
Click here to learn more from the IRS.
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