RESOURCE CENTER

THE RESOURCE CENTER

Program Manager: Sue • Caregiver Support Coordinator: Emily • Specialists: Joyce & Marla • Intake Specialist: Nancy For more information, please call 259-5212

MISSING STIMULUS PAYMENTS & SIMPLER SENIOR TAX FORM 1040-SR

WHAT IS A SECURITY FREEZE??

In 2018, a bipartisan act of Congress created the 1040SR tax form. If you are 65 years or older you can use this simple shorter form to complete your taxes. Using a larger font and bigger text boxes makes it easier than ever to file your taxes for 2020. The US Government has had 2 stimulus payments since March 2020. In Spring 2020, most folks would have gotten a $1200 per person payment. Then, starting in late December 2020, another $600 stimulus payment was distributed. Most folks have gotten their stimulus payments already by automatic deposit to their bank account, a check in the mail or an EIP VISA Debit card by mail. If you feel you failed to get these stimulus payments, you can file 2020 taxes to have it returned as a tax recovery rebate credit – line 30 on 1040-SR form. Even if you don’t regularly file taxes because your income is only Social Security, you can file taxes for 2020 just to get the missing stimulus payment. You can get to the simplified 1040-SR form at https:// www.irs.gov/forms-pubs/about-form-1040-sr or you can call the Resource Center at 259-5212 to have the form and instructions mailed to you. The Resource Center staff are not able to assist you in completing this form.

WHAT IS A MONTANA MEDICAL CARE SAVING ACCOUNT?

A Montana Medical Care Savings Account (MSA) allows Montanans to save money for medical expenses and longterm health care, and reduce their state income taxes at the same time. Any Montana resident taxpayer can designate any Montana bank or credit union account as a Medical Care Savings Account. A MSA account must be separate from other accounts and only the account holder has access to the funds. In 2020, each taxpayer could place up to $4000 in the account annually. This amount and any interest earned on this amount is state tax free. Medical expenses like Medicare Part B premiums, Medicare Supplement premiums, Medicare Part D premiums, deductibles and copays, dental expenses, longterm care expenses, eyeglasses and hearing aids are eligible for reimbursement from an MSA. And unlike Employer Flex accounts, any money remaining in the account at the end of the year is carried over into the new year and continues to earn tax free interest. For more information contact The Resource Center at 259-5212 or see a MontGuide on the topic at https://store. msuextension.org/publications/FamilyFinancialManagement/ MT199817HR.pdf. A security freeze is one of the most effective ways to prevent identity theft. A security freeze allows consumers to proactively "lock up" their credit information so no one can access it without their permission. This prevents a thief from falsely using someone else's identity to take out a new mortgage, apply for a credit card or get financing. The freeze is easily lifted if consumer plans to make a major purchase, open a new credit card or take out a loan. There is a small charge for this service. For more information contact Department of Justice— Consumer Protection at (800) 481-6896 or at https://dojmt.gov/consumer/identity-theft/.