2020 tax return filing deadline October 15 | National sports
WASHINGTON, DC – Taxpayers have until October 15 to file their 2020 income tax returns.
The IRS says those who have requested an extension must file no later than the extension deadline to avoid the late filing penalty. Electronic filing options, like the IRS Free file, are always available.
Although October 15 is the last day for most people to report, the following groups of taxpayers may have more time:
- Members of the military and others serving in a combat zone generally have 180 days after leaving the combat zone to file returns and pay taxes due.
- Taxpayers from federally declared disaster areas who already had valid extensions. For more details, see the disaster relief page on IRS.gov.
According to an IRS statement, there is generally no penalty for non-reporting if the taxpayer needs to be reimbursed. However, people who wait too long to file and request a refund may lose it altogether.
Taxpayers can pay online, by phone or with their mobile device via the IRS2Go application.
When paying federal taxes electronically, remember:
- Electronic payment options are the optimal way to make a tax payment.
- They can pay when they file an electronic return using online tax software. If using a tax preparer, taxpayers should ask the tax preparer to make the tax payment through a tax preparer. electronic funds withdrawal from a bank account.
- IRS direct payment allows taxpayers to pay online directly from a checking or savings account for free, and schedule payments up to 365 days in advance.
- Choices to pay with a credit card, debit card, or digital wallet option are available through a payment processor. The payment processor, not the IRS, charges a fee for this service.
- The IRS2Go The app provides mobile-friendly payment options including direct payment and debit or credit card payments on mobile devices.
- The Federal tax electronic payment system is convenient, safe and easy. Choose to pay online or over the phone using the EFTPS voice response system.
Taxpayers can use their online account to securely view important information while preparing to file their tax return or tracking balances or notices.
- Adjusted Gross Income: This can be useful if you are using another tax software or tax preparer this year.
- Economic Impact Payment Amounts: Eligible individuals who have not received the full amount of the two Economic Impact Payments can claim the clawback refund credit on their 2020 federal income tax return. To claim the full amount, taxpayers will need to know the amounts of economic impact payments received. These amounts can be found in the Tax records tab of the online account.
- Estimated amounts of tax payments: the total of estimated tax payments made during the year or refunds applied as a credit can be found on the Account Balance tab in the online account, and a record of each payment appears under Payment Activity.
In addition, taxpayers can consult:
- Amount due for previous years, updated for the current calendar day,
- Payment history and any scheduled or pending payments,
- Payment plan details,
- Digital copies of certain IRS notices, and
- Approve or reject requests for authorization from tax specialists.
The safest and fastest way to get a refund is to file electronically and have your refund deposited into your account. You can do this by direct deposit or by the purchase of US savings bonds.
If you don’t have a bank account, you can go to FDIC website or the National Credit Union Association to use the Credit Union Locator Tool to find out where to open an online bank or a credit union account.
Veterans can use the Veterans Benefit Banking Program (VBBP) to access the financial services of participating banks.
Millions of American families currently receive advance monthly child tax credit payments either by direct deposit or paper check. These payments represent half of the increase in the US bailout’s child tax credit and will continue until the end of the year.
For those eligible and on the 2020 tax filing extension, the IRS uses tax information from the previous year, 2019 for the most part, to determine the credit amount.
Those who file and have their 2020 return processed on or before November 1 may be eligible for two half-credit payments in 2021. Similarly, those who file and have their return processed by November 29 may be eligible for a payment.
Complete information on the withholding tax credit for children is available at IRS.gov.
Finally, for anyone who missed the first two rounds of stimulus payments, it’s not too late.
If you didn’t receive a first and second Economic Impact Payment, or if you got less than the full amount, you may still get the missing money.
When it comes to missing dunning payments, It is essential that eligible individuals file a tax return for 2020 or use the Registration tool for non-filers for the child tax credit soon, even if you usually don’t provide the information the IRS needs to send the payments.
The IRS will also automatically assess your eligibility for the third economic impact payment when the 2020 return is processed.
For more information or to find answers to many questions, use the Interactive Tax Assistant (ITA), a tax law resource that works using a series of questions and answers.