Tax Day is Monday: Information on filing an extension and more
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The Treasury Department and Internal Revenue Service announced in March that the federal income tax filing due date for individuals for the 2020 tax year would be automatically extended from April 15, 2021, to May 17, 2021, because of the coronavirus pandemic. (Getty Images/iStockphoto)Getty Images/iStockphoto
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STATEN ISLAND, N.Y. You’ve had a few extra weeks, but procrastination time is over: Tax Day is Monday, May 17, this year.
The Treasury Department and Internal Revenue Service announced in March that the federal income tax filing due date for individuals for the 2020 tax year would be automatically extended from April 15, 2021, to May 17, 2021, because of the coronavirus (COVID-19) pandemic.
Interest also builds up daily, equal to the federal short-term rate, plus 3%.
Taxpayers have the option to file for an extension, which will give them an extra five months to get their returns in by October 15. But they ll rack up 0.5% in penalties each month unless they pay an estimated amount by May 17. The IRS offers a Free File tool for all taxpayers on its website, though only those earning $72,000 or less receive access to the more comprehensive version of the service.
Some Americans will receive automatic extensions, including those affected by the winter storms that hit Texas, Oklahoma and Louisiana in February 2021. Residents of those states have until June 15, 2021 to file their taxes.
Tax deadline: 9 things to know including penalties for filing late as last day is today
May 17 2021, 6:28 ET
Updated: May 17 2021, 6:36 ET
TIME is running out for Americans to file their tax returns, with the extended deadline today, May 17.
We round up nine things you need to know, including the penalties for filing late.
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1. The deadline is today - but some states offer more time
In March, the Internal Revenue Service (IRS) extended the tax return deadline for federal taxes from April 15 to today, May 17.
The IRS also decided to push back the deadline last year due to the pandemic.
The May 17 deadline applies to federal tax returns, but some states have extended the deadline further for state income tax returns.
Need an extension?
The IRS said individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15 by filing Form 4868 through their tax professional, tax software or using the Free File tool on the IRS s website.
However, the IRS said that filing the 4868 form gives taxpayers until October 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17, 2021, to avoid interest and penalties.
Why is Tax Day May 17?
In March, the IRS announced that the traditional tax filing deadline will be moved from April 15 to May 17.