Last year, the deadline for filing your federal income tax return was pushed back from April 15 to July 15 because of the COVID-19 pandemic. This year, the IRS is extending the due date again – this time to May 17. In addition to giving taxpayers more time to file their 2020 federal income tax returns, the extension gives the tax agency more time to adjust its computer systems and forms to account for tax changes made by the recently enacted American Rescue Plan Act – most notably, the $10,200 exemption for unemployment compensation received in 2020.
If you're a victim of the February winter storms in Texas, Oklahoma, or Louisiana, you can wait until June 15, 2021, to file your 2020 federal income tax return. Moving the general filing deadline from April 15 to May 17 doesn't affect these disaster-related extensions. If there are other natural disasters between now and May 17, other Americans could have their filing deadline pushed back even further, too.
If you have a federal tax refund coming, you could get paid in as little as three weeks. In the past, the IRS has issued over 90% of refunds in less than 21 days. To speed up the refund process, e-file your 2020 tax return and select the direct deposit payment method. That's the fastest way. Paper returns and checks slow things down considerably.
If for some reason you can't file your federal tax return on time, it's easy to get an automatic extension to October 15, 2021. But you have to act by May 17 to qualify (June 15 for storm victims in Texas, Oklahoma, or Louisiana). Keep in mind, however, that an extension to file doesn't extend the time to pay your tax. If you don't pay up by the original due date, you'll owe interest on the unpaid tax. You could also be hit with additional penalties for filing and paying late.
And don't forget about your state tax return. Most states synch their income tax return deadline with the federal tax due date – but there are some states that have different deadlines. Plus, some states have already adjusted their filing deadlines…and more are expected to do so now that the IRS moved the federal filing deadline to May 17. Check with the state tax agency where you live to find out when your state tax return is due.
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March 18, 2021 at 06:11AM
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Tax Day 2021: When's the Last Day to File Taxes? - Kiplinger's Personal Finance
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