Due Dates IRS TAX 2020 Filing Season
The Treasury Department and Internal Revenue Service on March 23rd, 2020 announced the extension for the federal income tax filing and payment deadlines for the tax year 2019 which was earlier due on April 15, 2020. This means that Individuals get an extra 90 day time to prepare, eFile, and pay taxes without any late filing charges, interest payment, or penalties. The extended deadline applies to all those who are filing their Individual federal income tax returns and they don’t have to request for an extension through a separate form or meet any other specific criteria for this. This special relief comes in the wake of the Coronavirus Disease 2019 (COVID-19) emergency. Also you have to know about what does IRS Tax Return Has Been Received and Is Being Processed message mean .
Besides federal tax, most states are also adhering to this new deadline of July 15th for filing state return except for some states that have their deadline set for June or even further like Mississippi whose new deadline is May 15. Check your state filing and payment deadline here for better clarity or you can check Where To Mail IRS Tax Return for the year 2019-2020 .
2020 Dates For Federal Tax E-file & Submission
|Tax Deadline Extended Due to COVID-19 – July 15, 2020|
|Return Type||What’s Included / Not Included||2019 IRS Tax Refund Estimate Date|
|· All 2019 IRS Federal Tax Return or Payment postponed to July 15, 2020.
· Includes Most State Returns
· State Return can only be e-filed in conjunction with a Federal Return due to IRS/State regulations.
|· What’s Included: All schedules, returns – Schedule H and Schedule SE
· All Forms – Such as Forms 3520, 5471, 5472, 8621, 8858, 8865, and 8938
· What’s Not Included: Partnerships and multi-member LLCs, S Corps
|· 01/15 – 10/15/2020|
Get full details about IRS 2020 Tax Extension Dates .
Need More Time? For USA Tax Submission
What if somebody is unable to file their 2019 income tax return originally due on April 15, 2020, and further extended to July 15, 2020?
If you are an individual and you are still unable to file your return by the new extended deadline date of July 15, 2020; you can still request for further extension by electronically filing a Form 4868 /strong> through tax software, or by using the IRS’ Free File program.
Filing for an extension isn’t complicated at all and just takes a few minutes. There is no fee applicable to for filing an extension and as per several reports; for this time of the year, filing for an extension isn’t going to trigger an audit trigger! Check How To File IRS TAX Free online .
How to File For an Extension?
- Assesses who have their adjusted gross income (AGI) under $69,000 in 2019 are allowed to file for this extension. You can file for an extension for free online by going to the IRS.gov website and choose FreeFile in case you don’t qualify to use the software. There are about a dozen 3rd party tax preparers software tools on the IRS.gov site that can do it for free for you.
- Alternatively, you can fill a free file fillable Form 4868 requesting for an Automatic Extension of Time for Individual Income Tax Return. Complete form 4868 along with an Application for Automatic Extension of Time To File U.S. Individual Income Tax Return downloadable in a PDF format and send it to IRS.
- You can also take help of a tax preparer to file the extension for you;
Please keep in mind that the extension will only push back the due date for the filing of your tax documents. There will be No extra time given to pay any taxes you may owe. Also, most taxpayers are not aware that the penalty for not filing is significantly higher than not paying taxes on time. So, it’s better to eFile (or file) your tax return by July 15, 2020, if you think you owe money, then estimate the amount after filing for an extension and you must pay this by July 15 to avoid additional interest and penalty. Also check full guide How To File Federal Taxes Online .
- Even if you have been given an extension, it’s better to pay as much tax you’ve accessed for yourself and what you can afford. Because you still have to pay at least 90% (80% for eligible 2019 returns) of the tax due to avoid any late tax payment penalties.
- Penalty For Not Filing On Time – 5%/month of the tax amount owed + interest
- Late Payment Penalty –5%/month + interest