While the nation grapples with the coronavirus outbreak, lawmakers are convening to determine solutions that will help us all through this time. One decision will help taxpayers breathe a sigh of relief: The deadline for filing your 2019 federal income tax return has been postponed to July 15, 2020.
The new deadline applies to everyone. You don’t have to do anything special, such as file a particular form, in order to qualify for the extension. If you can’t file your taxes now, you automatically have until July 15 to complete your return.
No late penalties will apply. Normally, those who are late filing their tax returns worry about late fees and penalties. You won’t have to worry about that, as long as you do file your return by July 15.
The July 15 deadline applies to estimated tax payments, including self employment income. All tax payments for 2019 can be deferred until July 15, with no limit on the amount deferred.
You can still file for an extension if necessary. As in other years, you can file for an extension if you aren’t able to meet the July 15 deadline for filing your taxes. Use Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return. You will be granted an additional three months of grace period to file your 2019 tax return, with a new due date of October 15, 2020.
You can also file Form 4868 electronically, by following the instructions on the form.
You must still pay your estimated taxes by the July 15 due date. Filing for an extension grants you more time to complete your return; however, you must estimate your taxes due and make a payment in that amount by the July 15 due date. If the IRS does not believe you made this estimate and payment in good faith, they can void your extension and charge you a penalty and interest.
Fees do apply if you forget to file, or file late. Do file your tax return, or extension request plus estimated payment, by July 15. Otherwise you could be subject to a late penalty, plus interest on the taxes due.
In other words, we have all been granted a bit more time to complete our returns and pay our federal income taxes. If you can file now, go ahead and do so, so that it doesn’t slip your mind. But if you do need a bit more time, remember that July 15 is now the date to remember.