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Individual Tax

Reminder: Filing Deadline for Individuals with Extensions is October 15

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

In an information release, the IRS reminds individual taxpayers with filing extensions for their 2020 income tax returns that the extension deadline is October 15, 2021. Taxpayers who fail to file on or before that deadline may be subject to a late-filing penalty.

Note. Although that deadline is firm for most taxpayers, certain taxpayers may have more time to file, including:

  • Members of the military and others serving in a combat zone; and
  • Taxpayers living or with a business in a federally declared disaster area who already had a valid extension in place.

For example, victims of Hurricane Ida in Pennsylvania, Mississippi, New York, New Jersey, and Louisiana have more time to file their 2020 returns. Also, victims of August flooding in Tennessee have more time to file their 2020 returns.

File now pay later.

Special circumstances aside, those taxpayers who are subject to the regular extension deadline can file their 2020 returns now and schedule their federal tax payment to be made as late as the October 15 deadline. Taxpayers using online tax preparation software may be able to schedule their payment through that software.

Other payment options include:

  • IRS Direct Pay,
  • IRS2Go mobile app,
  • Electronic Federal Tax Payment System (EFTPS), or
  • Pay with cash at an IRS retail partner or at a Taxpayer Assistance Center (TAC). See here for more information about paying your taxes with cash at an IRS retail partner. See here for more information about paying cash at a TAC.

IRS Direct Pay, EFTPS and IRS2Go require a checking or savings account to make a payment. However, third-party services are available for taxpayers who want to pay their taxes using a credit or debit card. For more about third-party tax payment processors, see here .

Note. EFTPS requires advance registration to use, and it can take three or four weeks to complete the registration process. IRS Direct Pay doesn’t require advance registration, but taxpayers need to know certain information from a prior year return to verify their identity to use the service.

IRS online taxpayer accounts.

Taxpayers can use their online account to see tax information they may need to file their tax return. Taxpayers can find information about the following items (and more) in their online account:

  • Adjusted gross income.
  • Economic Impact Payments. (These amounts can be found in the taxpayer’s online account on the Tax Records tab).
  • Estimated payment amounts. (A record of each estimated payment appears in the taxpayer’s online account under Payment Activity).
  • Refunds applied as a credit. (A taxpayer can check if a refund was applied as a credit on the Account Balance tab in their online account).

Taxpayers can also use their online account to check if they owe the IRS money.

Monthly advance Child Tax Credit (ACTC) payments.

For a taxpayer with an extension to file their 2020 return, the IRS is using return information from 2019 (or earlier) to determine that taxpayer’s eligibility for, and the amount of, their ACTC. Once the IRS processes the taxpayer’s 2020 return, the IRS will calculate their ACTC based on that information.

The IRS urges anyone filing a 2020 return who wants an ACTC to file the return as soon as possible and to file it electronically. ACTC payments will only be made through the end of 2021.

Last call for economic impact payments, recovery credit.

Taxpayers who either missed out on, or got less than the full amount of, their Economic Impact Payments (EIPs) should file their 2020 return as soon as possible. Once the taxpayer’s 2020 return is processed, the IRS will automatically evaluate the taxpayer’s eligibility for the third EIP. The IRS will not issue the third EIP after December 31, 2021.

Note. Individuals who are not required to file a return can use the IRS’s Non-filer: Submit your information here tool. The Non-filer tool is located on IRS’s Advance Child Tax Credit Payments in 2021 webpage.

To continue your research on the automatic six-month extension for filing individual income tax returns, see FTC 2d/FIN ¶S-5011.

 

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