The Rhode Island Division of Taxation today officially began accepting and processing electronically filed Rhode Island resident and nonresident personal income tax returns for the 2020 tax year.
The agency has also officially begun accepting and processing paper returns for the 2020 tax year. However, the Division urges tax preparers and taxpayers to e-file. E-filing is faster, results in fewer errors, and provides the filer with an electronic filing acknowledgement.
In addition, e-filing is the only method available for having your personal income tax refund deposited directly into your bank or credit union account. (Direct deposit is not available for paper returns.)
The Department of Revenue shares that as preparers and taxpayers start their filing season, they will encounter a number of changes, including the following:
- As a result of an inflation adjustment, more taxpayers will be eligible for the tax break for income from 401(k) plans, government pensions, private-sector pensions, annuities, and some other sources.
- As a result of an inflation adjustment, more taxpayers will be eligible for the tax break for income from Social Security benefits.
- The statewide property-tax relief credit (on Form RI-1040H) has increased.
- The filing deadline is April 15, 2021.
- Rhode Island’s health insurance mandate (also known as the individual mandate or health coverage mandate) appears for the first time on personal income tax forms this season.
Overall, the Division expects to receive and process more than 650,000 resident and nonresident personal income tax returns this year. For more information, please visit www.tax.ri.gov