Individual taxpayers now have until May 17, 2021 to file their 2020 federal income tax returns and make payments without penalties and interest, regardless of the amount owed.
The Treasury Department and Internal Revenue Service (IRS) announced the official deadline extension on the IRS website and will provide formal guidance with more details in the coming days.
While we expect the nuances of this deadline extension to change frequently during the next week or more, here is a rundown of the key information we know right now:
- As of the initial announcement, this postponement only applies to individual taxpayers, including individuals who pay self-employment tax.
- Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment extension to May 17, 2021.
- As of the initial announcement, this deadline extension only applies to federal income tax returns and payments.
- Individual states will each make their own decisions about extending their tax filing and payment deadlines. The IRS urges checking with state tax agencies for those details.
- This deadline extension does not apply to estimated tax payments due on April 15, 2021. Estimated tax payments are generally made quarterly by people whose income isn’t subject to income tax withholding. Examples include self-employment income, interest, dividends, alimony or rental income. These payments are still due on April 15.
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