If taxpayers can’t file their taxes by Monday, they can request an extension until October 15th.
WASHINGTON – Americans have until Monday, May 17, to file their 2020 income taxes with the Internal Revenue Service.
The IRS has postponed the April 15 to May 17 deadline to give taxpayers and the IRS more leeway to cope with the changes brought on by the coronavirus pandemic. If taxpayers can’t file their taxes by Monday, they can request an extension until October 15th.
“The IRS would like to continue doing everything possible to help taxpayers cope with the unusual circumstances surrounding the pandemic while working on important tax administration tasks,” IRS Commissioner Chuck Rettig said in a statement in March as of the Date of tax return was extended.
Taxpayers will face penalties and interest if they fail to file their taxes by May 17th.
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Do you need an extension?
According to the IRS, individual taxpayers who need additional filing time after the May 17 deadline can request an extension to October 15 by submitting Form 4868 through their tax advisor, their tax software, or the Free File tool “Submit on the IRS website.
However, the IRS said that filing the 4868 form would allow taxpayers to file their 2020 tax returns by October 15, but would not allow any extension of the deadline for paying taxes due. Taxpayers should pay their federal income tax due by May 17, 2021 to avoid interest and penalties.
Why is tax day May 17th?
In March, the IRS announced that the traditional tax return deadline would be postponed from April 15th to May 17th.
The decision to extend the deadline comes after an intense year for the chronically underfunded IRS. The pandemic hit mid-way through last year’s tax filing season and brought the agency back on processing. The IRS has also been a major player in the distribution of government aid payments and is currently helping to send out the third round of payments in the middle of the current tax filing season.
In addition, the extension gives the IRS time to issue guidance on recent tax law changes. The American bailout plan excludes the first $ 10,200 of unemployment benefits from federal taxes for those earning less than $ 150,000.
Different tax due date for winter storm victims
Earlier this year, following the Federal Emergency Management Agency (FEMA) disaster statements, the IRS announced aid to the victims of February winter storms in Texas, Oklahoma and Louisiana.
These states have until June 15, 2021 to file various tax returns for individuals and companies and make tax payments. This May 17th extension does not affect the June deadline. Click here to learn more about the IRS Disaster Relief.
How to register taxes online
The IRS offers taxpayers a free file tool that they can use to file their tax returns electronically. The IRS Free File offers branded tax software for taxpayers earning $ 72,000 or less in 2020. Taxpayers who have earned more can use Free File Fillable Forms, the electronic version of IRS paper forms. The tool allows taxpayers to automatically extend the deadline for submitting applications if necessary.
The Free Files tool is also a way to get a quick refund. Electronic filing and direct deposit is the fastest, most accurate way to request a refund. The IRS issues nine out of ten refunds in 21 days or less. Taxpayers filing on paper can also choose to deposit directly, but paper returns will take longer to process.
When should taxpayers expect refunds?
The IRS said it takes more than 21 days to issue refunds for some 2020 tax returns that need to be verified, including incorrect amounts for refund credits, or 2019 income used to calculate EITC and EITC Additional Child Tax Credit (ACTC)).
Some tax returns take longer to process than others for many reasons, even if a tax return:
- Contains errors
- Is incomplete
- Affected by identity theft or fraud
- Includes entitlement to an Earned Income Tax Credit or an additional child tax credit. See questions and answers below.
- Includes Form 8379, Injured Spouse Assignment PDFProcessing can take up to 14 weeks
- Generally needs further verification
Americans can check the status of their refund using the Where’s My Refund tool here? Check.
Contribution to the IRA, deadline for the health savings account
By extending the deadline for submitting Form 1040 series returns to May 17, the IRS automatically postponed the date on which individuals 2020 contributions to their Individual Pension Schemes (IRAs and Roth IRAs), Health Savings Accounts (HSAs), and Archer Medical Savings Accounts (Archer MSAs) and Coverdell Education Savings Accounts (Coverdell ESAs).
All contributions are due by May 17th.
2017 unclaimed refunds – deadline extended to May 17th
For the tax year 2017 of the federal income tax return, the normal deadline for applying for a refund on April 15 was also extended to May 17, 2021. The law provides a three-year window in which to apply for a refund. If taxpayers don’t file a tax return within three years, the money becomes the property of the U.S. Treasury Department.
The law requires taxpayers to properly address and mail the tax return by May 17, 2021 and ensure that it is stamped. In addition, foreign trusts and estates with federal filing or payment obligations that submit Form 1040-NR now have until May 17, 2021.
Do you need further tax assistance?
Taxpayers can find answers to questions, forms and instructions, as well as helpful tax tools, on IRS.gov.
The Associated Press contributed to this report.