Tax Extension Filers Dont Need To Wait Until October 17
IR-2022-141, July 19, 2022
WASHINGTON The Internal Revenue Service is reminding the estimated 19 million taxpayers who requested an extension to file their 2021 tax return that they don’t have to wait until mid-October to file. If a taxpayer has all the necessary information to file an accurate return, they can file electronically at any time before the October deadline and avoid a last-minute rush to file.
Taxpayers who requested more time to file an accurate return have until October 17, 2022. Those who have what they need to file, however, should file as soon as possible to avoid delays in processing their return.
Taxpayers who have questions can get help with most tax issues online or by phone. The IRS.gov website has free and easy to use online tools and resources to help taxpayers get answers 24 hours a day. Voice bots help callers navigate interactive voice responses to simple payment or notice questions, and quickly get responses to Frequently Asked Questions.
The Interactive Tax Assistant is a tool that provides answers to several tax law questions specific to individual circumstances based on input. It can determine if an individual must file a tax return, their filing status, if they can claim a dependent, if an income type is taxable, and their eligibility to claim a credit or deduct certain expenses.
What If I Made A Mistake And Need To Re
It happens. You file your tax return, then realize you forgot to report some income or claim a certain tax credit. You don’t need to redo your whole return. Along with filing an amendment using Form 1040-X, youll also need to include copies of any forms and/or schedules that youre changing or didnt include with your original return.
IRS Form 1040-X is a two-page form used to amend a previously filed tax return. TurboTax can walk you through the amendment process to correct your tax return.
To avoid delays, make sure you only file Form 1040-X after youve already filed your original Form 1040. If youre filing a Form 1040-X to collect a tax credit or refund from a previous year, youll need to file within three years after the date you timely filed your original return, or within two years after the date you paid the tax, whichever is later.
Why Did So Many People Ask To Postpone Tax Returns In 2022
Every year there are Americans that procrastinate pulling together their paperwork and sitting down to crunch the numbers for their tax filing. Call it human nature. The IRS allows people to file a Form 4868 to request the automatic six-month extension.
While the extension gives taxpayers more time to get their house in order, it doesnt relieve filers of the need to pay any taxes owed by the Tax Day filing date. Taxpayers should pay the amount that they owe, or as much of what they think they owe, to avoid penalties and interest on the outstanding debt to Uncle Sam.
The outsized number of Americans requesting a six-month extension in 2022 could be the result of several factors. They may have thought that the IRS would once again push back the official filing date as they did for the 2020 and 2021 filing season due to the covid-19 pandemic.
Possibly they were waiting for any last-minute changes that might have come out of Congress to help alleviate hardships still being experienced. One thing is for sure, calculating the child tax credit and/or the recovery rebate credit made crunching the numbers harder for many filers.
Extension filers, remember the deadline is October 17. Visit .
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Will My Refund Be Issued By Paper Check Or Electronically
Previously, the Department might have issued you a paper check, even if you selected to receive your refund by direct deposit or prepaid debit card. This protection helped the Department avoid sending your money to an account or debit card that is controlled by a criminal.
While the Department honors taxpayer requests to issue a refund electronically, there may be situations in which we will determine its safer to issue a paper check. In some cases, we may send a letter requesting verification of taxpayer identity instead of automatically changing your request to a paper check. The letter instructs you to go to myVTax, select Return filing verification, and enter the verification code included on the letter. This verifies your request and allows us to proceed with processing your refund.
May 2022 Tax Due Dates
Tips for April 2022 Reported to Employer
Arkansas, Illinois, Kentucky and Tennessee Storm, Tornado and Flooding Victims’ Extended Deadline for Filing and Payment Obligations from January 1 to May 15
Colorado Wildfire Victims’ Extended Deadline for Filing and Payment Obligations from January 1 to May 15
After a busy April, things slow down considerable in May for most people. There’s the typical deadline for employees to report tips received in April to their boss. That’s due by May 10.
In addition, victims of certain natural disasters also have extended due dates on May 16. First, victims of the severe storms, tornadoes and flooding in Arkansas, Illinois, Kentucky and Tennessee that began on December 10, 2021, can wait until May 16 to file federal returns or pay federal taxes that were supposed to be due between December 10 and May 15. People impacted by the Colorado wildfires that started on December 30, 2021, also have until May 16 to file returns and pay taxes originally due from December 30 to May 15.
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What If I Need More Time
Don’t let a looming tax deadline force you to rush through the tax filing process and make a mistake on your return. Simply request an extension.
The IRS grants an automatic six-month extension of the tax filing deadline to anyone who requests it. You can request an extension electronically with TurboTax or use Form 4868.
Just keep in mind, the tax extension gives you more time to file your return, not more time to pay the tax you owe. You’ll need to estimate the amount you owe and make your payment by the tax filing deadline.
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What If I Don’t File By October 17
People who fail to file their return by the extended tax deadline will face harsher penalties. The IRS charges 5% of the unpaid taxes for each month that a tax return is late or 10 times more than the underpayment penalty. It caps the penalty at 25% of your unpaid taxes. The tax agency also charges interest on the penalty.
Free File Available January 14
IRS Free File will open January 14 when participating providers will accept completed returns and hold them until they can be filed electronically with the IRS. Many commercial tax preparation software companies and tax professionals will also be accepting and preparing tax returns before January 24 to submit the returns when the IRS systems open.
The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds as well having all the information they need to file an accurate return to avoid delays. The IRSs Free File program allows taxpayers who made $73,000 or less in 2021 to file their taxes electronically for free using software provided by commercial tax filing companies. More information will be available on Free File later this week.
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When Can I Start Filing My Tax Return For 2020
Early in the month of January of each year, the Internal Revenue Service publishes a statement with the first day that tax returns can be submitted.The formal deadline by which you must submit your taxes is often between the middle and end of January.a status report for January 2021: The Internal Revenue Service has stated that it will begin processing tax returns on February 12.
IR-2022-08, January 10, 2022
WASHINGTON The Internal Revenue Service announced that the nations tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return.
Tax Deadlines: October To December
- : Deadline for employees who earned more than $20 in tip income in September to report this income to their employers.
- : Final extended deadline to file individual and corporate tax returns for the year 2021 using Form 1040 and Form 1120.
- :Deadline for eligible taxpayers who earned $73,000 or less in adjusted gross income for tax year 2021 to use Free File to prepare and file their returns.
- :Deadline for employees who earned more than $20 in tip income in October to report this income to their employers.
- :Deadline for employees who earned more than $20 in tip income in November to report this income to their employers.
- : Deadline for corporations that need to file the fourth installment of estimated income tax for 2022.
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Important Tax Deadlines For 2021
While May 17 has now become an important tax deadline for 2021, there are still many others to keep track of throughout the year.
Here are some of the most important tax deadlines in 2021, including the returns associated with each:
- Fourth estimated tax payment for the 2020 tax year
- Single-owner llc tax filing deadline
- Second estimated tax payment for the 2021 tax year
- Individual tax returns for US citizens living abroad
- Third estimated tax payment for the 2021 tax year
- Final deadline for those who requested extension for 2020 individual and corporate tax returns for
|If you need to pay taxes on bequests and gifts from abroad² or inheritance from overseas , then you may want to convert these earnings into USD. You can use Wise to avoid exchange rate markups and hidden fees.|
Request Your Tax Refund Before You Lose It
Itâs still a good idea to file your taxes after the due date if you expect a refund, but you donât want to wait too long.
The IRS usually allows you three years from the due date of your tax return to request a refund. After this time, youâll forfeit your tax refund. For example, your 2021 tax return is due on April 18, 2022. From that date, you have three years to request a refund. In 2025, if you donât file your 2021 return by the tax due date, youâll lose your tax refund. The U.S. Treasury now owns your money.
That means if youâre one of the estimated 1.5 million taxpayers owed money on their 2018 taxes who have yet to file, youâre running out of time.
The IRS said it has $1.5 billion of unclaimed 2018 tax refunds, but these taxpayers must claim it by April 18. Maine and Massachusetts tax filers have until April 19, because the tax deadline falls on Patriot Day, an official holiday observed by both states.
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Volunteer Income Tax Assistance
The IRS’s Volunteer Income Tax Assistance program offers free basic tax return preparation to people who generally make $58,000 or less and people with disabilities or limited English-speaking taxpayers. While the majority of these sites are only open through the end of the filing season, taxpayers can use the VITA Site Locator tool to see if there’s a community-based site staffed by IRS-trained and certified volunteers still open near them.
The 2021 Tax Deadline Extension: Everything You Need To Know
In response to the Coronavirus pandemic, the Treasury and IRS issued new instructions that call for a tax deadline extension, moving the customary April 15 deadline to May 17, 2021. Read more to learn about the relevant details and how they impact your situation.
For information on the third coronavirus relief package, please visit our American Rescue Plan: What Does it Mean for You and a Third Stimulus Check blog post.
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Wheres My State Tax Refund Montana
Visit the Department of Revenues TransAction Portal and click the Wheres My Refund link toward the top of the page. From there you will need to enter your SSN and the amount of your refund.
The processing time for your tax return and refund will depend on when you file. The Montana Department of Revenue says that if you file your return in January, it may process your refund within a week. However, you may wait up to eight weeks if you file in April, which is generally when states receive the majority of returns.
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File Electronically And Choose Direct Deposit
To speed refunds, the IRS urges taxpayers to file electronically with direct deposit information as soon as they have everything they need to file an accurate return. If the return includes errors or is incomplete, it may require further review that may slow the tax refund. Having all information available when preparing the 2021 tax return can reduce errors and avoid delays in processing.
Most individual taxpayers file IRS Form 1040 or Form 1040-SR once they receive Forms W-2 and other earnings information from their employers, issuers like state agencies and payers. The IRS has incorporated recent changes to the tax laws into the forms and instructions and shared the updates with its partners who develop the software used by individuals and tax professionals to prepare and file their returns. Forms 1040 and 1040-SR and the associated instructions are available now on IRS.gov. For the latest IRS forms and instructions, visit the IRS website at IRS.gov/forms .
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Estimated Tax Payment Due April 15
Notice 2021-21, issued today does not alter the April 15, 2021, deadline for estimated tax payments these payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.
When The Deadline Is Different
Submit your online return by 30 December if you want HMRC to automatically collect tax you owe from your wages and pension. Find out if you are eligible to pay this way.
HMRC must receive a paper tax return by 31 January if youre a trustee of a registered pension scheme or a non-resident company. You cannot send a return online.
HMRC might also email or write to you giving you a different deadline.
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Key Information To Help Taxpayers
The IRS encourages people to use online resources before calling. Last filing season, as a result of COVID-era tax changes and broader pandemic challenges, the IRS phone systems received more than 145 million calls from January 1 May 17, more than four times more calls than in an average year. In addition to IRS.gov, the IRS has a variety of other free options available to help taxpayers, ranging from free assistance at Volunteer Income Tax Assistance and Tax Counseling for the Elderly locations across the country to the availability of the IRS Free File program.
“Our phone volumes continue to remain at record-setting levels,” Rettig said. “We urge people to check IRS.gov and establish an online account to help them access information more quickly. We have invested in developing new online capacities to make this a quick and easy way for taxpayers to get the information they need.”
Last year’s average tax refund was more than $2,800. More than 160 million individual tax returns for the 2021 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.
Overall, the IRS anticipates most taxpayers will receive their refund within 21 days of when they file electronically if they choose direct deposit and there are no issues with their tax return. The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible.