The Treasury Department and Internal Revenue Service announced on March 17 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
This extension applies to individual taxpayers, including those who pay self-employment tax. In addition, this extension is for individual federal income tax returns and only applies to federal taxes and not state.
According to the IRS, “Taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief.”
Taxpayers Who Owe the IRS
If you owe the IRS federal income tax payments for 2020, the deadline extension applies to you. You can postpone paying on 2020 tax payments without penalties and interest until May 17, 2021.
Penalties and interest will start to accrue on unpaid balances as of May 17.
If you pay estimated taxes, the extension does not apply to 2021 Q1 estimated taxes. These are still due on April 15, 2021.
IRA Contributions for 2020
If you have an individual retirement account (IRA), and you haven’t fully funded it for 2020, you have until April 15, 2021, to do so.
The IRS extension does not apply here. So, if you still have not maxed out your IRA for 2020, you have until April 15.
Extensions for 2020 Taxes
If you need an extension beyond the new May 17 deadline, you can request an extension until October 15, 2021 using Form 4868. This will give you an extension on filing, but does not grant extension on time to pay taxes that are due.
As previously stated, the federal tax filing deadline for individuals only applies on a federal level. Check with your state for the exact filing deadline.
If you are in Texas, Oklahoma, or Louisiana, you have until June 15, 2021, to file various individual and business tax returns and make tax payments. This extension to May 17 does not affect the June deadline.
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This content was originally published here.