The IRS has announced tax relief for taxpayers impacted by the Oct. 7 terrorist attacks against the State of Israel. The announcement comes only three days before the Oct. 16 tax deadline for those who requested a federal filing extension for last year’s taxes. Eligible taxpayers now have until Oct. 7, 2024, to file these returns. The IRS has also extended certain other tax filing and payment deadlines.
On Saturday, Oct. 7, the State of Israel was attacked by Hamas. The attacks have resulted in more than 1,300 reported deaths, including at least 14 Americans. More than 100 people, including 17 Americans, remain missing as of Thursday.
During a briefing Tuesday, President Biden said the United States "will make sure Israel has what it needs to take care of its citizens, defend itself, and respond to this attack."
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
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.
State of Israel tax relief
For its part, the IRS announced that eligible taxpayers now have until Oct. 7, 2024, to file certain tax returns and make certain tax payments that were originally due between Oct. 7, 2023, and Oct. 7, 2024.
These extensions include (but might not be limited to) the following:
- Taxpayers with an original tax filing extension of Oct. 16, 2023 now have until Oct. 7, 2024 to file 2022 federal tax returns. (Taxes owed for 2022 returns were due April 18, so the tax relief does not extend these payments.)
- Individual and business tax returns and payments originally due on March 15 and April 15, 2024 are now due Oct. 7, 2024.
- Quarterly estimated income tax payments originally due on Jan. 16, April 15, June 17 and Sept. 16, 2024 are now due Oct. 7, 2024.
- Taxpayers now have until Oct. 7, 2024 to contribute to retirement accounts.
Who qualifies for tax relief?
According to the IRS, the following taxpayers qualify for tax relief. However, additional relief may be announced in the future.
- Individuals whose principal residence or business entity or sole proprietor whose principal place of business is in Israel, the West Bank, or Gaza
- Any individual, business or sole proprietor, or estate or trust whose books, records, or tax preparer is located in the covered area
- Anyone killed, injured, or taken hostage due to the terrorist attacks
- Those affiliated with a recognized government or philanthropic organization and who are assisting in the covered area
The IRS will automatically grant relief to eligible taxpayers. However, if you qualify for relief but live outside the disaster area, you can contact the IRS disaster hotline at 1-866-562-5227.
Some taxpayers impacted by the terrorist attacks may receive a late filing or payment notice. This can happen if the IRS doesn't have a record of you living in the affected area (for example, if you recently moved). In this case, taxpayers should call the number on the notice for relief.
-
DexCom, GE, SLB: Why Experts Rate These Stocks at Strong BuyWall Street gives these three diverse names Strong Buy recommendations with high potential upside.
-
How Home Appraisals Work — and What the Final Value MeansFrom comps to contingencies, here’s what a home appraisal reveals about your property’s true worth.
-
Will You Get a ‘Surprise’ Tax Bill on Your Social Security Benefits in Retirement?Retirement Taxes Social Security benefit payments might land you in hot water when filing 2025 taxes — here are three reasons why.
-
Ask the Editor, August 22: Tax Questions on What Congress Will Do NextAsk the Editor In this week's Ask the Editor Q&A, we answer questions from readers on what Congress will do next with taxes.
-
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.
-
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.
-
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.
-
Ask the Editor, July 25: Questions on Four New Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, we answer tax questions from readers on four new tax deductions in the "One Big Beautiful Bill."
-
Five Ways Trump’s 2025 Tax Bill Could Boost Your Tax Refund (or Shrink It)Tax Refunds The tax code is changing again, and if you’re filing for 2025, Trump’s ‘big beautiful’ bill could mean a bigger refund, a smaller one or something in between next year. Here are five ways the new law could impact your bottom line.
-
Ask the Editor, July 18: Questions on the $6,000 Senior Deduction
Ask the Editor In this week's Ask the Editor Q&A, we answer tax questions from readers on the new $6,000 deduction for taxpayers 65 and older.
