Federal tax filing deadline extended to May 17

Parents Forum Parent Cafe
1

Of course each state will have to decide what to do now.

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed.

But also note:

This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments.

2

I haven’t heard anything about state taxes. Anyone?

3

California is following the Feds and extending the filing and payment date to May 17. Estimated taxes still due on April 15.

Probably most states will follow suit; Massachusetts and Oregon have also announced and probably many more.

4

Thank you @Marilyn. I had heard the news about the Feds but hadn’t yet heard that California had followed suit.

5

PA matched the Feds. Ours are due May 17th.

6

CT as well.

7

I am confused. If you don’t have to file until May 17, how will you know on April 15 if you owe estimated taxes? It’s moot for me, because I made sure I wouldn’t owe, but that is still confusing.

8

Part of the extension is to deal with the tax changes in the American Rescue Plan (aka stimulus bill) regarding unemployment benefits, among other reasons. The IRS has to issue guidance. If your own situation doesn’t have unusual factors, there is no real reason to delay figuring it out by April 15. This is especially true if you might be due a refund.

But yes, if there’s a chance you might owe estimated for 2021, you do have to rough out your taxes and changes to income between 2020 and 2021. If you pay more estimated than necessary on April 15, you can adjust future payments downward.

Also:

Earlier this year, following the disaster declarations issued by the Federal Emergency Management Agency (FEMA), the IRS announced relief for victims of the February winter storms in Texas, Oklahoma and Louisiana. These states have until June 15, 2021, to file various individual and business tax returns and make tax payments. This extension to May 17 does not affect the June deadline.