Coronavirus Tax Updates

Federal Tax Updates (Last Update: 3/27/20)Do I need to file an extension to file past April 15? No, you do not need to take any action. The July 15 extension applies to all taxpayers automatically.Will the extension of the tax deadline delay my tax refund? No, the IRS expects to continue to process refunds as normal but encourages all taxpayers to file now.Do I have more time to contribute to my IRA? Yes, you now have until July 15, to make a 2019 contribution to your IRA.Will the deadline for my state taxes also be extended? A majority of states are conforming to the new July 15 tax deadline. However, some states have different deadlines and guidance. To find out the deadline in your state, click here.How do I know if I qualify for the extended payment deadline? And do I need to file an extension to get it? According to the Secretary of Treasury, anyone with a Federal Tax Payment related to their 2019 taxes and their tax year 2020 estimated tax payments due 4/15/20 can defer their tax payment, free of penalties and interest for 90 days for purposes of the relief.What do I do if I already filed my taxes and scheduled my payment for April 15? If you have already filed and scheduled your payment for April 15, you will need to cancel your payment and reschedule it. If you filed with TurboTax, you will need to contact the U.S. Treasury Financial Agent at 888-353-4537 to make that change. Changes to payments need to be made no later than 11:59 p.m. ET two business days prior to the scheduled payment date.Does this extension apply to 2020 quarterly estimated tax payments? First and second quarter 2020 estimated income tax payment deadlines have been extended to July 15, 2020. What if I need more time past the July 15 deadline to pay? If you need additional time, beyond July 15, you will need to file an extension. An extension will give you until October 15, 2020 to file your taxes, but you will still need to pay any taxes owed by July 15. Payments after July 15 will be subject to penalties and interest.State Tax Updates (Last Update: 5/6/20)Announced that state income tax filing due date is extended to July 15, 2020. Taxpayers can also defer state income tax payments due on April 15, 2020, …read more

Source:: AOL.com

      

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Is the tax deadline delayed? What to know about coronavirus (COVID-19) and your taxes

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