The IRS has moved the deadline for filing 2020 federal income tax returns from April 15 to May 17, 2021. This change comes after lawmakers, tax professionals, and others put intense pressure on the IRS to give taxpayers more time to file their 2020 federal income tax returns. It will also give the tax agency, which already has a backlog of unprocessed tax returns, more time to adjust its computer systems and forms to account for tax changes made by the recently enacted American Rescue Plan Act – most notably, the $10,200 exemption for unemployment compensation received in 2020.
You can also delay payment of federal income taxes for the 2020 tax year to May 17 without penalties and interest, regardless of the amount you owe. This delay applies to people who pay self-employment taxes, too. Penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances after May 17.
Estimated Tax Payments
The extended due date doesn't apply to estimated tax payments. These payments are still due on April 15. Income taxes must be paid during the year as you receive it – either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn't subject to income tax withholding, including self-employment income, interest, dividends, alimony, or rental income. Most people automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.
Sign up for Kiplinger’s Free E-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.
Disaster-Related Extensions
Earlier this year, the IRS announced relief for victims of the February winter storms in Texas, Oklahoma, and Louisiana. Storm victims in these states have until June 15, 2021, to file various tax returns and make tax payments. The general due date extension to May 17 doesn't affect the June deadline allowed in Texas, Oklahoma, and Louisiana.
Extension to October 15
If you need additional time to file after the May 17 deadline, you can request a filing extension until October 15, 2021, by filing Form 4868. This will not extend the time to pay your taxes. You still need to pay any federal income tax due by May 17 to avoid interest and penalties.
State Tax Returns
Some states have already pushed back their own tax return filing deadline…and we expect more states to do the same now that the IRS extended the due date for filing federal returns. Check with the state tax agency where you live for any state tax deadline extensions.
-
Dow Retreats From a Record High: Stock Market TodayQuietly rising since April, Home Depot stock was conspicuously constructive Tuesday as high-profile tech names dragged equity indexes down.
-
My car is 10 years old. Should I drop down to minimum coverage on my car insurance?Reducing your car insurance to minimum coverage could save you thousands on premiums. But when is it worth the risk?
-
Stay NJ Could Give You $6,500: The Deadline You Can't MissProperty Taxes New Jersey has a new property tax relief program for 2025. But the application deadline is fast approaching.
-
Ask the Editor, August 15: Tax Questions on the OBBB, Tax RatesAsk the Editor In this week's Ask the Editor Q&A, we answer tax questions from readers on the OBBB and changes, if any, to tax rates.
-
The Fall Garden Tax? What to Plant and How to PrepareTax Tips Fall gardening could increase your taxes this season. Here’s what to know while planting in 2025.
-
Ask the Editor, August 8: Tax Questions on Roth IRA ConversionsAsk the Editor In this week's Ask the Editor Q&A, we answer tax questions from readers on converting a traditional IRA to a Roth IRA.
-
Texas Sales Tax-Free Weekend 2025Tax Holiday Here's what you needed to know about the Texas sales tax holiday.
-
Retirees Should Watch These Four Key Tax Changes in 2025Tax Changes This year brings key tax changes that could affect your retirement taxes and income.
-
The Most Tax-Friendly State for Retirement in 2025: Here It IsRetirement Tax How do you retire ‘tax-free’? This state doesn’t tax retirement income, has a low median property tax bill, and even offers savings on gas. Are you ready for a move?
-
Ask the Editor, August 1: Tax Questions on Standard DeductionsAsk the Editor In this week's Ask the Editor Q&A, we answer tax questions from readers on claiming standard deductions on your tax return.
