Treasury Secretary Steven Mnuchin just announced on Twitter that the tax filing deadline is being moved from April 15th to July 15th. It was previously announced that the tax payment deadline was postponed to July 15th, and now they’ve switched the tax filing deadline to July 15th as well. You don’t need to file a tax return for another few months.
At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.
— Steven Mnuchin (@stevenmnuchin1) March 20, 2020
Mnuchin followed up with a tweet encouraging those who are eligible for a refund to file sooner and get their refund now.
I encourage all taxpayers who may have tax refunds to file now to get your money.
— Steven Mnuchin (@stevenmnuchin1) March 20, 2020
Note: this extension is for federal taxes. For state waivers, consult this list. Most states were mirroring the federal rule, I believe, and we’ll probably see them mirror it again with this filing extension.
For anyone wondering about Retirement contributions, it now appears they clarified that those deadlines are 7/15 as well. I’m assuming that includes self-employed plans like solo 401k as well, but I’m about to find out for sure from my brokerage.
My question:
Are IRA contributions for 2019 but to be made by tax deadline in 2020, allowed to be extended to 7/15/20 also? It would a small but nice perk for those who don’t qualify for the cash payments in the treasury package since one exceeds the max income qualification figure.
I need my federal return completed in order to file my state return so this does not impact me if my state won’t move their deadline.
Does this apply to State tax filings too?
See end of post
anyone know how this affect city’s income tax?
Isn’t that files on state income tax form? If so, there is a link in the post to check guidelines for states.
When trumpbux
borrowing a trillion dollars from China due to the TrumpVirus
Does anyone know what happens if my tax underpayment last year is above the threshold? According to tax filing software, I need to pay extra interest and penalty. Would the new rule waive them too?
I didn’t think anything is being waived from what I’ve read, only delayed.
If you would not be penalized by paying by April 15th then you won’t be penalized by paying by July 15th. If you would be, then I assume you will be.
That’s actually sorta correct. If he was assessed say $100 in penalty for not paying enough taxes, he still has to pay that $100 come July. The extension does not make the $100 go away. It does however stop the penalty from accruing additional interest, i.e. If you pay on the new July deadline, the $100 is still $100.
Buy equity at the current market prices. Pay the IRS later
I think you mean buy bitcoin. Equities are a total gamble, dontchaknow?
The one year I don’t owe….hows about the focus on getting me my refund faster rather than this “$1000 check” stimulus….
Have you filed yet and are still waiting? It seems like some people above were able to receive their refund quickly after filing early. I haven’t filed yet but I probably should (or at least check to see if I owe or am owed money)
Filed electronically last week, no refund yet. But I have several schedules so it might take longer. Hoping not much longer.
They are processing refunds quickly. We filed Fed on Monday (3-16) and refund was in our account today (Friday 3-20).