Tomorrow (April 15) is typically the federal income tax filing deadline, but this year individuals have until May 17 to submit their 2020 tax information to the IRS.
Last month (March 17, 2021), the United States Treasury Department and Internal Revenue Service said they’d automatically extended the federal income tax filing due date for individuals.
IRS Commissioner Chuck Rettig says the extension does not apply to estimated tax payments due April 15, 2021. Those payments are still due tomorrow.
Rettig says individual taxpayers can also postpone federal income tax payments for the 2020 tax year until May 17, without penalties and interest, regardless of the amount owed. He says this postponement applies to individual taxpayers, including those who pay self-employment tax. Penalties and interest will begin to accrue on any remaining unpaid balances as of May 17, 2021.
The IRS recommends filing electronically with direct deposit. It’s the quickest way to get refunds and can help some taxpayers receive any remaining stimulus payments they may be entitled to more quickly.
Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15 by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Filing Form 4868 gives taxpayers until October 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17, 2021, to avoid interest and penalties.
Find tax filing information and forms online at IRS.gov.
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