May 17 is the new IRS tax filing deadline – here’s what you need to know

Last year, the pandemic caused the agency to postpone the deadline from April 15 to July 15 for a wide range of tax filings, but this year’s relief is smaller.

Here are answers to the questions taxpayers ask.

Do I have an extra month to pay taxes?

Yes. The new deadline of May 17 is for both payments and filing returns.

To whom does the delay apply?

The delay applies to persons filing Forms 1040 and 1040-SR. It does not affect the deadlines for tax returns of corporations, associations or non-profit organizations.

What about estimated first-quarter tax payments?

The deferral does not apply to estimated first-quarter tax payments for 2021. The deadline for them continues April 15. After this date, interest and fines for outstanding amounts will be applied.

Do I need to take any action so that the delay applies to me?

No. The extension is automatic for individual taxpayers. The agency says you do not need to call the IRS or submit a form to apply for this extension.

Does the May 17 deadline apply to contributions for traditional IRAs, Roth IRAs, and HSAs?

That’s still unclear, but maybe not. The IRS will publish guidelines on this topic in the coming days and these questions and answers will be updated as you do so.

Can I get an extension to file my 2020 tax return?

Yes. The deadline to file the 2020 tax return remains October 15 for taxpayers filing Form 4868 to apply for an automatic extension. The deadline to submit this form is now May 17th, not April 15th.

Taxpayers who submit it will have until October 15 to complete the paperwork, but will have to pay what they owe before May 17. Interest and penalties will begin to apply on that day.

I live in Louisiana, Texas or Oklahoma. Am I subject to the new May 17 deadline?

No. Due to emergency declarations related to the February storms, a wide range of tax deadlines for individuals and businesses in these states has been delayed until June 15.

What about state tax deadlines?

“We expect most states to meet their deadlines with the new federal deadlines,” says Mary Peterson, executive director of the Federation of Tax Administrators, a state tax group.

He adds that the extension will be heavy for states that need to communicate any changes to taxpayers and extend contracts to recode their processing systems. States are also still trying to assess and react to changes in the U.S. bailout plan signed into law on March 11th.

I have already filed the 2020 return and scheduled an automatic withdrawal of my tax payment on April 15th. Will the IRS delay this payment automatically until May 17?

No, but taxpayers can take steps to change the payment date.

Many applicants authorize electronic withdrawal of funds as part of filing tax returns. The IRS says these taxpayers can cancel the payment by contacting the U.S. Treasury financial agent at 1-888-353-4537. Payment cancellation requests must be made before 11:59 pm ET two business days prior to the scheduled payment date. Taxpayers must reschedule automatic payment or mail a check to the IRS.

For those who use direct payment from the IRS or the Electronic Tax Payment System (EFTPS), both have instructions for canceling payments, which must be done two days before the date. payment. For IRS Direct Pay, use the Find a Payment feature. For EFTPS, sign in and click Cancel a tax payment.

Taxpayers who have scheduled an automatic credit or debit card payment will need to contact the card company to change the date.

Last year I received unemployment benefits and recently changed the law to exempt me up to $ 10,200 from federal tax. What do I do?

If you have already filed your 2020 tax return, the IRS urges you not to file an amended return. The agency has not announced what action needs to be taken, but plans to do so soon.

For those who have not yet filed the 2020 returns, the IRS issued guidelines on March 16 that include a spreadsheet and instructions for claiming the exemption.

—Richard Rubin contributed to this article.

Write to Laura Saunders to [email protected]