Victims of February's winter storms in Texas, Oklahoma and Louisiana can wait until June 15, 2021, to file their 2020 federal income tax return. This announcement from the IRS follows a disaster area declaration from the Federal Emergency Management Agency (FEMA) for those three states. Taxpayers in other states impacted by the storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief.
Various federal tax filing and payment due dates for individuals and businesses from February 8 (Oklahoma) or February 11 (Texas and Louisiana) to June 14 will be shifted to June 15. In addition to the May 17 personal income tax filing deadline, this includes:
- Various 2020 business returns usually due on March 15;
- 2020 IRA contributions originally due on May 17;
- Quarterly estimated income tax payments normally due on April 15;
- Quarterly payroll and excise tax returns ordinarily due on April 30; and
- 2020 returns for tax-exempt organizations typically due on May 17.
In Oklahoma, penalties on payroll and excise tax deposits due from February 8 to February 23 will also be waived if the deposits are made by February 23. In Texas and Louisiana, the same applies for deposits due from February 11 to February 26 they're are made by February 26.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
You don't have to contact the IRS to get this relief. However, if you receive a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, you should call the number on the notice to have the penalty abated.
In addition, the IRS will work with any taxpayer who live elsewhere, but whose records necessary to meet a deadline occurring during the postponement period are located in Texas, Oklahoma or Louisiana. Taxpayers qualifying for relief who live in another state need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are filling out this tax season. Be sure to write the FEMA declaration number (4586 for Texas, 4587 for Oklahoma, 4590 for Louisiana) on any return claiming a loss. It's also a good idea for affected taxpayers claiming the disaster loss on a 2020 return to put the Disaster Designation (e.g., "Oklahoma – Severe Winter Storms") in bold letters at the top of the form. See IRS Publication 547 for details.
[NOTES: Similar tax relief is available for victims of severe storms in Alabama, Kentucky and Tennessee. In addition, taxpayers in certain Louisiana parishes may get an additional extension for storms and flooding that began on May 17.]
-
Stocks Keep Climbing as Fed Meeting Nears: Stock Market TodayA stale inflation report and improving consumer sentiment did little to shift expectations for a rate cut next week.
-
Your End of Year Insurance Coverage Review ChecklistStop paying for insurance you don't need and close coverage gaps you didn't know about with this year-end insurance review.
-
Crypto Trends to Watch in 2026Cryptocurrency is still less than 20 years old, but it remains a fast-moving (and also maturing) market. Here are the crypto trends to watch for in 2026.
-
Is a New $25,000 Health Care Tax Deduction Coming in 2026?Tax Policy A proposal from GOP Sen. Josh Hawley is adding to the chatter about health care affordability.
-
Are You Middle-Class? Here's The Most Tax-Friendly State For Your FamilyTax Tips We found the state with no income tax, low property tax bills, and exemptions on groceries and medicine.
-
Social Security Benefits Quiz : Do You Know the IRS Tax Rules?Quiz Social Security benefits often come with confusing IRS tax rules that can trip up financially savvy retirees and near-retirees.
-
How Are I Bonds Taxed? 8 Common Situations to KnowBonds Series I U.S. savings bonds are a popular investment, but the federal income tax consequences are anything but straightforward.
-
New 2026 Tax Change Could Mean More for Your IRA and 401(k) SavingsRetirement Savings Here's how the new IRS inflation adjustments will increase the contribution limits for your 401(k) and IRA in the new year.
-
Capital Gains Tax Quiz: How Well Do You Really Know IRS Investment Tax Rules?Quiz Take our capital gains tax quiz to test your investment taxes knowledge. Learn about loss rules, holding periods, and tax incentives that could impact your savings.
-
6 Tax Reasons to Convert Your IRA to a Roth (and When You Shouldn't)Retirement Taxes Here’s how converting your traditional retirement account to a Roth IRA can boost your nest egg — but avoid these costly scenarios.
-
Could Tax Savings Make a 50-Year Mortgage Worth It?Buying a Home The 50-year mortgage proposal by Trump aims to address the housing affordability crisis with lower monthly mortgage payments. But what does that mean for your taxes?
