Missed Upload Deadline (10.00s) (State Sent_second_ehlo) Code(0)
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The 2021 Tax Deadline Extension: Everything Yous Need to Know
Updated for Taxation Year 2020 • Jan 21, 2022 01:57 PM
OVERVIEW
In response to the Coronavirus (COVID-19) pandemic, the Treasury and IRS issued new guidance that calls for a tax deadline extension, moving the customary April xv borderline to May 17, 2021. Read more to acquire about the relevant details and how they touch on your situation.
For information on the 3rd coronavirus relief parcel, please visit our "American Rescue Program: What Does information technology Hateful for You and a Third Stimulus Check" blog post.
2021 Federal Tax Deadline Extensions
The federal tax filing borderline for 2020 taxes has been automatically extended to May 17, 2021. Due to astringent wintertime storms, the IRS has also extended the tax borderline for residents of Texas, Oklahoma and Louisiana to June 15, 2021.
This extension as well applies to 2020 tax payments. Individual taxpayers may defer tax payments until the new filing deadline, interest and penalty free. The new federal tax filing deadline is automated, so you don't need to file for an extension unless you lot need more time to file after May 17, 2021.
If you file for an extension, you'll have until October 15, 2021 to file your taxes. But, you'll notwithstanding need to pay any taxes you owe by May 17.
The new federal tax filing deadline doesn't utilize to 2021 estimated taxation payments. First and second quarter estimated revenue enhancement payment deadlines are nonetheless April xv, 2021 and June 15, 2021.
2021 State Tax Deadline Extensions
Many land revenue enhancement filing deadlines may change to reflect the federal deadline. To find your state's tax borderline, and to stay updated on the latest tax deadline information, please visit our blog mail service: "IRS Appear Federal Tax Filing and Payment Deadline Extension."
2020 Taxation Deadline Extension
In March, the COVID-xix pandemic led the Treasury and IRS to filibuster when Americans are required to file their tax returns, calling for an automatic revenue enhancement borderline extension to July xv, 2020 for your 2019 taxes. The three-month extension will automatically apply to agenda twelvemonth filing individuals, inclusive of the self-employed, trusts and estates as well every bit C corporations.
Yet, taxpayers expecting a refund are all the same encouraged to file their tax returns as soon every bit possible and so that they can receive their refunds; the average refund this yr has topped $2,800, according to the IRS.
While the automatic taxation deadline extension doesn't require y'all to file Class 4868 to request the extension, you still have this choice if y'all need more time (specifically until October 15, 2020). Think, as with all extensions y'all apply for, yous'll even so demand to pay any estimated tax liability past July 15 or face underpayment penalties and involvement charges.
To empathize how individuals (including self-employed individuals, trusts and estates) and C corporations will be impacted by this tax deadline extension, read more than below.
How are individuals affected by the tax deadline extension?
The taxation extension deadline generally applies to all calendar twelvemonth tax-paying entities, including individuals, cocky-employed persons, and trusts and estates. The Treasury and IRS announced the deferment of filing your federal revenue enhancement return as well equally specific federal tax payments. This delay in payment comes interest- and penalty-gratis, for 90 days, until July fifteen, regardless of the corporeality owed.
Furthermore, anyone who needs to brand quarterly estimated revenue enhancement payments also has until July 15 to submit these payments. This means your 2020 tax year first and 2nd quarter estimated tax payments, previously due on April 15 and June fifteen, are now both deferred until July xv.
How are corporations affected by the extension?
Corporations that operate on a agenda year have too been granted an automated extension to file corporate tax returns and pay any tax due. Similar with individuals, this comes without interest or penalties for 90 extra days (Apr 15 to July 15) on any corporeality owed.
Volition the extension filibuster my tax refund?
No. The IRS has said information technology expects to continue processing refunds every bit normal and encourages all taxpayers to file as soon as possible. Remember, the sooner you lot file, the sooner you'll become whatever refund owed to you.
Will the borderline for my state taxes besides be extended?
Many states have fabricated changes to their filing deadlines to align with the new federal tax deadline extension. However, be sure to check whether your state conforms with the new guidance.
Exercise I nevertheless demand to make my 2020 tax year get-go quarter estimated taxation payment by April 15?
No. The automatic tax extension deadline applies not but to 2019 tax returns simply also to offset quarter estimated tax payments for 2020. These amounts don't need to be submitted to the IRS until July xv, and this delay doesn't result in any penalties or interest on the delayed payments.
What is the last day to contribute to my retirement account for 2019?
As with other elements of the extension, individuals can wait to make 2019 contributions to their retirement accounts normally due April 15, 2020 until July 15, 2020. Consider using this extra fourth dimension to set up aside more than money in your retirement accounts if y'all're able. You tin contribute a maximum of $6,000 to an IRA for 2019, plus an actress $1,000 if you're 50 or older.
You don't need to wait to file your taxation return to make this contribution, however. If you know how much you'll contribute by the tax borderline, you tin can count this on your tax return and brand the bodily contribution by the new deadline.
Does this extension also requite me more time to contribute funds to my HSA or Archer MSA for 2019?
Yes. Similar to the extended time granted for making retirement account contributions, you may also make contributions to your HSA or Archer MSA by July xv, 2020 for the 2019 tax yr. Go on in heed that to ensure accuracy on Form 8889, it's oftentimes best to brand any contributions prior to filing your tax return.
TurboTax Cocky-Employed will inquire you unproblematic questions about your life and help you fill out all the right forms. Perfect for independent contractors and modest businesses. We'll search over 500 tax deductions to get y'all every dollar yous deserve and aid yous uncover industry-specific deductions.
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Source: https://turbotax.intuit.com/tax-tips/general/the-2020-tax-deadline-extension-everything-you-need-to-know/L8Ph4Vnci
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