Northwest Iowa — The deadline to file your 2020 federal income taxes would normally be April 15th, but this year the IRS has extended that deadline.
According to the Internal Revenue Service, the due date for individuals to file their 2020 tax returns has been extended to May 17th.
IRS Commissioner Chuck Rettig says the tax agency knows that this continues to be a tough time for many people, and he says the IRS wants to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic. Rettig says, despite the extended filing period, the IRS urges taxpayers to consider filing as soon as possible, especially those who are owed refunds.
The IRS urges taxpayers to file their tax forms via e-file, since most tax refunds associated with e-filed returns are issued within 21 days.
Individual taxpayers can also postpone federal income tax payments for the 2020 tax year to May 17th, as well, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17th. Again, individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17th.
