The IRS has granted victims of the recent severe storms and flooding in Missouri more time to file certain individual and business tax returns and make tax payments. Specifically, victims of the storms and flooding that began on July 25, 2022, have until November 15, 2022, to file and pay tax returns and payments due between July 25 and November 14.
The tax relief is available to anyone in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. At this point, only affected taxpayers who live or have a business in the Independent City of St. Louis and in Montgomery, St. Charles and St. Louis Counties qualify for the extensions. However, the IRS will offer the same relief to any taxpayers in other areas designated by FEMA later.
The IRS will also waive fees for obtaining copies of previously filed tax returns for taxpayers affected by the Missouri natural disasters. When requesting copies of a tax return or a tax return transcript, write "Missouri Severe Storms and Flooding " in bold letters at the top of Form 4506 (opens in new tab) (copy of return) or Form 4506-T (opens in new tab) (transcript) and send it to the IRS.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of Kiplinger’s expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of Kiplinger’s expert advice - straight to your e-mail.
The IRS will also work with other people who live outside the disaster area but whose tax records are in the disaster area. Call the IRS at 866-562-5227 if you face this situation. This also includes relief workers affiliated with a recognized government or philanthropic organization, and anyone visiting the area who was killed or injured as a result of the disaster.
Deadlines Extended
The deadlines that are pushed back for Missouri storm and flood victims include 2021 personal income tax returns that were supposed to be due on October 17, 2022. However, payments for 2021 income taxes that were due on April 18, 2022, are not extended.
Businesses with an original or extended income tax due dates within the affected time period also have more time to file and pay taxes. This includes partnerships and S corporations with 2021 tax year extensions expiring on September 15, and corporations with an extension expiring on October 17.
Quarterly estimated tax payments that are due September 15, 2022, are also extended until November 15. The due date for quarterly payroll and excise tax returns normally due on August 1 and October 31 are extended to November 15, too. Penalties on payroll and excise tax deposits due from July 25 to August 8 are also waived as long as the deposits are made by August 9, 2022.
Taxpayers don't need to contact the IRS to get this relief. However, if an affected person receives a late filing or payment penalty notice from the IRS, he or she should call the number on the notice to have the penalty abated.
Deduction for Damaged or Lost Property
Victims of the Missouri severe storms and flooding may be able to claim a tax deduction for unreimbursed damaged or lost property. To do so, they typically must itemize and file Schedule A (opens in new tab) with their tax return. However, victims who claim the standard deduction may still be able to deduct their losses if they can claim them as business losses on Schedule C (opens in new tab).
The deduction can be claimed on the tax return for the year the damage or loss of property occurred or for the previous year. So, for any destruction in 2022, the deduction can be claimed on either a 2021 tax year return or a 2022 return. In either case, you must write the FEMA declaration number on the return claiming the deduction. For the recent Missouri storms and flooding, the number is DR-4665-MO.
If you decide to claim a deduction for 2021, you can amend your 2021 return by filing Form 1040-X (opens in new tab). For this purpose, you must file the amended return no later than six months after the due date for filing your return (without extensions) for the year in which the loss took place. So, for Missouri storm or flooding losses in 2022, you would need to file an amended 2021 return by October 16, 2023. Affected taxpayers claiming the disaster loss on a 2021 return should also put the Disaster Designation ("Missouri Severe Storms and Flooding ") in bold letters at the top of the form. See IRS Publication 547 (opens in new tab) for details.
-
-
State "Stimulus Checks" Are a Thing in 2022 – Will You Get One?
To help counter high inflation, pandemic woes and other financial hardships, some states are sending tax rebate "stimulus" checks or other payments to residents.
-
How Young People Can Own Their Financial Future Authentically
It starts with trusting the process. The good news is Gen Zers and younger Millennials are on their way, a new study says.
-
State "Stimulus Checks" Are a Thing in 2022 – Will You Get One?
To help counter high inflation, pandemic woes and other financial hardships, some states are sending tax rebate "stimulus" checks or other payments to residents.
-
Tax Deadlines Extended for Hurricane Ian Victims in Florida
Certain tax filing and payment deadlines are extended for residents and businesses in Florida impacted by Hurricane Ian.
-
Reminder: The Penalty Tax Refund Deadline Is This Week
Tax Breaks People hit with late-filing penalties during the pandemic could be getting a tax refund from the IRS – if they act now.
-
Alaska Natural Disaster Victims Get Tax Relief from IRS
Upcoming tax filing and payment deadlines are extended for residents and businesses impacted by the recent storm, flooding and landslides in Alaska.
-
Got Crypto? The IRS Really Wants to Know
taxes Recent crypto news shows that the IRS remains focused on digital assets—including cryptocurrency tax enforcement.
-
Calling All Teachers: You Can Deduct More for School Supplies for 2022
taxes For the first time in a long time, the tax deduction for out-of-pocket teacher expenses has increased.
-
Hurricane Fiona: Tax Relief Available for Puerto Rico Victims
Tax Breaks FEMA's recent disaster declaration opens the door for extended federal tax filing and payment deadlines for victims of Hurricane Fiona in Puerto Rico.
-
Reminder: Estimated Tax Payments Are Due Today
tax deadline The deadline for submitting your third estimated tax payment for 2022 is here, so get your payments in before it's too late.
