IRS Tax Extension Deadline October 15: What to Know About Filing Your 2020 Tax Return

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Filing an extension gives taxpayers additional time, but there are certain consequences to be aware of.

Sarah Tew / CNET

This year’s Tax Day has been extended until May 17, but millions of taxpayers still had to rush to file their 2020 income tax returns. Many have chosen to seek an extension to get a few more months to collect their taxes. records or get professional advice, or even to avoid potential mistakes. Now that tax extension deadline is only a few weeks away.

If you miss the October 15th filing date, you will need to pay late fees or more interest. Remember that an extension does not delay having to To pay taxes you owe, it just gives you more time to file. The IRS still provides several electronic filing options, including a free file for people with income of $ 72,000.

If you haven’t yet filed your 2020 tax return, you might run out of money, like a tax refund, stimulus checks, or child tax credit Payments. If you wait too long to file and request a refund, the IRS says you could risk losing it altogether. Below we’ll explain how to know if the deadline applies to you, who has more time to file, and what happens if you miss the October deadline. here’s how track your IRS tax refund and what to know refunds on unemployment benefits 2020.

How do I know if I am eligible for a tax extension?

The IRS will have granted a filing extension if you filed Form 4868 (PDF) on paper or electronically using an electronic file by the May 17 filing deadline. You will have had to pay all or part of your estimated income tax owing using Direct Pay, the federal tax electronic payment system, or by using a debit or credit card, and note that you are requesting an extension.

Some taxpayers are automatically given more time to file their return. This includes military personnel serving in a combat zone or people in federally declared disaster areas.

Can I still file my 2020 income tax return electronically?

The IRS says taxpayers can file and schedule their federal tax payments online, over the phone, or with the IRS2Go mobile app.

If you need to find a tax software service to use and earn $ 72,000 or less, you can easily find an IRS approved free filing service. You will need to gather the following information: income tax returns (W2s or 1099s); any adjustments to your income; your current filing status (single, married, joint filing); and dependent information. If you earn more than $ 72,000, you can use the fill-out form for free.

If you haven’t made a tax payment yet, the IRS prefers payments to be made electronically and offers a variety of ways to do so, including IRS Direct Pay, which is directly linked to a checking account or to ‘saving. Another option is by credit card using the IRS2Go mobile app or through the electronic federal tax payment system.


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Did an extension postpone the money I owe the IRS?

No. Extending your filing deadline until October didn’t delay when you had to pay any taxes you may owe. According to the IRS, you had to estimate and pay at least 90% of your tax payable by May 17 to avoid late fees. Otherwise, you’ll have accrued interest on what you owe, which you eventually have to pay – plus any penalties – on top of your income taxes.

The late payment penalty is typically 0.5% per month of unpaid tax unpaid by the filing deadline, with a maximum of 25%. The IRS may also impose a late filing penalty of 5% of the amount owed for each month or partial month of your late tax return. If your return is filed more than 60 days after the due date, the minimum late-filing penalty is $ 435 or 100% of unpaid tax (whichever is less).

For individual taxpayers, penalties and interest will not stop accruing until your balance is fully paid. To learn more about penalties or to work out a payment plan with the IRS, check out their website page.

Will filing my 2020 return affect my stimulus payments?

If the IRS owes you money on the first two stimulus checks – maybe you haven’t received any checks or received less than what you qualify for – you can claim the missing payments through a recovery rebate credit on your 2020 tax form. This applies even if you are generally not required to file taxes. So the longer you wait to deposit, the longer it will take to get your missing raise payment.

The IRS says it will automatically assess your eligibility for the third dunning check when your 2020 return is processed. If the IRS calculated your third stimulus payment amount using your 2019 tax return, you may be entitled to more money as an “increased payment” after the IRS receives taxes for 2020 and recalculated your total. However, until you file a tax return for 2020, the IRS will not have your new income or dependent information on file.

The IRS plans to issue eligible taxpayers with third stimulus payments and additional payments until the end of 2021.

Will filing my 2020 return affect my child tax credit payments?

The IRS will use your 2020 tax return to determine how much money you are entitled to under the enhancement of the child tax credit This year. Advance monthly payments began in July and will continue until December. If you’ve waited much later to file your 2020 tax return, the IRS will have used your 2019 tax return to calculate your upfront payments.

If your income has changed or if you have added a new dependent since processing this old return, you may receive less money than you are entitled to this year. Here’s all you need to know about the IRS Update Portal, which allows you to unsubscribe from early monthly payments and update your household information.

If you haven’t filed your 2019 or 2020 income tax return and you don’t plan to do so, you may still be eligible for the 2021 Child Tax Credit. You will need to register on the Non-Filer Portal of IRS by October 15.


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Will my refund be delayed by filing a tax extension?

The timeframe for getting your income tax refund – or your refund plus overdue stimulus funds – depends on when you file. While you have until October 15 to submit your return if you’ve filed an extension, that doesn’t mean you have to wait that long to file.

IRS is experiencing delays and has a massive backlog of unprocessed returns due to the pandemic, so in some situations it could take much longer than the 21-day average to issue refunds. Some refunds, especially for more complicated returns or those that require corrections, take up to 120 days.

How do I view my tax bill online?

An easy way to view all of your tax details, including your address and payment plan details, is to access your IRS account online. According to the IRS, taxpayers can use their account information if they need to access their adjusted gross income, find their stimulus payment amounts, or review their estimated tax payments or credits. Access to your tax slip will give you all the necessary documents if you have a tax problem or a missing payment.

If you have additional questions, you can visit the IRS Interactive Tax Assistant for assistance.

For more tax information, here is an explanation of the difference between a tax refund and a tax return, and here’s why you might want sign up for direct deposit when you file your taxes.

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