IRS extends 2020 tax filing deadline

The Treasury Department and the Internal Revenue Service (IRS) announced that the 2020 tax filing deadline for individuals will be automatically extended from April 15, 2021 to May 17, 2021. This is stated in the message on the website. IRS.

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“This continues to be a difficult time for many people, and the IRS is committed to continuing to do everything we can to help taxpayers navigate the unusual circumstances associated with the COVID-19 pandemic,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we encourage taxpayers to consider filing as soon as possible, especially those who are due a refund.” E-filing with direct deposit is the fastest way to receive these funds, which may help some taxpayers more quickly receive any remaining quarantine payments they may be eligible for.”

Individual taxpayers can also defer paying federal income tax for the 2020 tax year from April 15, 2021 to May 17, 2021, without penalties or interest, regardless of the amount owed. This deferral applies to individual taxpayers, including individuals who pay self-employment tax. Fines, interest and tax surcharges will begin to be charged on the remaining unpaid amount from May 17, 2021.

Individual taxpayers do not need to fill out any forms or call the IRS to get automatic renewals for their federal tax returns.

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Individual taxpayers who require additional filing time after the May 17 deadline can request an extension of the submission deadline to October 15 if they complete Form 4868 through their tax specialist, tax program or use free file from the IRS. Completing Form 4868 gives taxpayers the opportunity to file their tax return by October 15 for 2020, but does not extend the deadline for paying taxes.

Taxpayers must pay federal income tax by May 17, 2021 to avoid interest and penalties.

The IRS encourages those eligible for compensation to file returns as soon as possible. Most tax refunds related to electronically filed returns are processed within 21 days.

This extension does not apply to estimated tax payments due before April 15, 2021. Taxes should be paid as taxpayers earn or receive income during the year, either in the form of withholding taxes or estimated tax payments.

Typically, estimated tax payments are made quarterly to the IRS by people whose income is not subject to income tax deduction, including self-employment income, interest, dividends, alimony, or rental income. For most taxpayers, taxes are automatically withheld from their paychecks and sent to the IRS by their employers.

State taxes

The postponement of the federal tax filing deadline to May 17, 2021 only affects individual federal income and tax returns (including self-employment tax), not state tax payments or any other type of federal tax.

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Taxpayers will, among other things, need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and do not always coincide with federal filing deadlines. The IRS urges taxpayers to clarify these details in state tax authorities.

Disaster relief during a winter storm in Louisiana, Oklahoma, and Texas

Earlier this year, following disaster statements issued by the Federal Emergency Management Agency (FEMA), the IRS announced relief for the victims of the February winter storms in Texas, Oklahoma and Louisiana. Residents of these states must file a tax return and make payments by June 15, 2021. The extension to May 17 does not affect these states.

For more information on this disaster relief visit the Disaster Relief page disaster relief at IRS.gov.

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