The Treasury Department and Internal Revenue Service recently extended the federal income tax filing deadline to May 17 for individuals filing for the 2020 tax year.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig in a press release.
The previous federal tax filing deadline was April 15. Individual taxpayers can also postpone federal income tax payments to May 17 without penalties and interest.
Individuals who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15 by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov.
The relief does not apply to estimated tax payments that are due on April 15, nor does it apply to state tax payments or deposits or payments of any other type of federal tax.
“Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to,” Rettig said in a press release.
Most tax refunds associated with e-filed returns are issued within 21 days.