On March 17th, the IRS announced the federal income tax filing due date will be automatically extended from April 15th to May 17th for individual taxpayers.
The IRS has stated, "Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to."
When is my amount owed due?
Taxpayers can also postpone payments that are normally due on April 15th to May 17th without incurring any penalties or interest. Penalties and interest will being to accrue on any unpaid balance beginning May 17th.
Please note: Estimated Payments are still due on April 15th. This extension does not apply to individuals whose income isn't subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income.
Other extensions for 2020:
The IRS has announced other tax extensions until May 17th. They include:
- Contributions to IRAs and Health Savings Accounts - Individuals now have until May 17th to contribute to their
- Individual retirement arrangements
- Health savings accounts
- Archer medical savings accounts
- Coverdell education savings accounts
- Deadline for reporting and paying the 10% additional tax on amounts included in gross income from distributions from IRA or workplace retirement plans
- Deadline to claim a refund for 2017 has been extended from April 15th to May 17th. Any unclaimed money after the deadline is considered property of the US Treasury
FBAR deadline remains April 15th.
This extension applies to federal returns only. Please visit our Knowledgebase to learn more about 2020 tax changes and State filing dates.