Tax Day is here. Here's everything you need to know
May 16, 2021 at 15:22
Next Monday, May 17, is the official deadline for individuals to file their 2020 federal tax return, and in most instances their state tax return, too.
Due to the Covid crisis, there are plenty of new and revised provisions and important dates you will need to know about before filing your return this year.
Unless you choose to file for an extension (see question below) you must file and pay any remaining federal income taxes you owe for 2020 by May 17.
The IRS extended the federal tax deadline for residents in those states to June 15.
Do I also get more time to file my state taxes then?
Even though the IRS extended the federal filing deadline, it was up to individual states to set their own tax deadlines.
Can I file for an extension to file my 2020 return?
You may get an automatic five-month extension to file your 2020 federal income taxes, meaning they won't be due until October 15.
You still must pay any remaining federal taxes owed on your 2020 income by May 17, if you want to avoid a potential late payment penalty.
-- primarily those whose 2019 income was higher than their 2020 income or people who did not file tax returns for 2019 or 2018.
They will be able to receive the money owed them via their federal tax return so long as they claim the refundable Recovery Rebate CreditThat credit will reduce your income tax liability dollar-for-dollar.
Instead, you will see your federal and state refunds reduced by whatever income taxes you owe on your jobless benefits.