The IRS has delayed the U.S. tax deadline for a month due to the pandemic. CNBC reports the new deadline will be on May 15th, a Saturday, while Bloomberg reports that it’s still up in the air whether it’ll be May 15th or May 17th. CNBC and NYT now confirm that May 17th is the new deadline.
You can always file for an extension which gives you an extra 6 months to file taxes, until October 15. (Extensions only work for the tax return filing, not for the payments which are still required by the deadline, whereas this month delay is on both filing and payments owed.)
Estimated payments for Q1 2021 are still due on April 15th, according to the New York Times.
Last year, the IRS delayed the tax deadline for 3 months until July 15th, and all states followed suit by extending the state deadline. I expect states will follow the federal deadlines this time as well.
Filed taxes using Credit Karma on 5/10. I owed Virginia less than $100 and they took money out of my checking account the next day. Federal refund was processing into my account when I checked this morning. Not a bad turnaround time considering I’d read about others wait weeks or months for their refunds.
IRA and HSA contributions, and a few other deadlines are now extended to May 17 as well. Estimated taxes still due by April 15.
https://www.irs.gov/newsroom/irs-extends-additional-tax-deadlines-for-individuals-to-may-17
I saw that this was the last IRS-related post, so I’m posting this here for now
Chuck : https://www.irs.gov/pub/irs-drop/a-21-07.pdf. Remove it if it shouldn’t belong afterward.
What I’m getting is that PPE expenses used against COVID-19 are tax-deductible if total medical expenses (PPE and other medical) are more than 7.5% of AGI.
This is only a part of the two-page announcement, but here’s a preview:
“…amounts paid for personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of the Coronavirus Disease 2019 (COVID-19 PPE) are treated as amounts paid for medical care under § 213(d) of the Internal Revenue Code (Code). Therefore, amounts paid by an individual taxpayer for COVID-19 PPE for use by the taxpayer, the taxpayer’s spouse, or the taxpayer’s dependent(s) that are not compensated for by insurance or otherwise are deductible under § 213(a) provided that the taxpayer’s total medical expenses exceed 7.5 percent of adjusted gross income.”
Does this also push back the deadline for 2020 IRA contributions?
Wrong thread.
You also did the same thing.
It does not extend the deadline for estimated taxes from April 15, but the loophole is that you could apply a refund of excess taxes paid and still have it count on time. So, if you need to make an estimated tax payment between April 15 and May 17, pay it on a Form 4868 for the 2020 tax year and roll the refund to 2021.
It is good news for me. But keep in mind that paying estimated taxes deadline remains the same as ever, which is 4/15.
About the state returns??
Will they do the same??
We’ll have to wait and see. Added a note about state.
If you file an extension don’t you still have to estimate and pay your taxes up front if you owe?
Yes, added a note to clarify this point
Hope he gets caught doing this and goes to jail. He’s knowing committing fraud. IMHO