May 17 is the new IRS tax filing deadline – here’s what you need to know

Last year, the pandemic prompted the agency to postpone the April 15 deadline for a wide variety of tax returns to July 15, but this year’s relief is more limited.

Here are answers to questions taxpayers ask.

Do I have an extra month to pay my taxes?

Yes. The new deadline of May 17 is for both payments and filing returns.

Who does the delay apply to?

The delay applies to individuals submitting Forms 1040 and 1040-SR. It does not affect tax return deadlines for corporations, partnerships, or non-profit organizations.

What about the estimated tax payments in the first quarter?

The postponement does not apply to the estimated first quarter tax payments for 2021. The deadline for this remains April 15. After that date, interest and penalties will apply to unpaid amounts.

Do I need to take action for the delay to apply to me?

No. The renewal is automatic for individual taxpayers. The agency says it is not necessary to call the IRS or submit a form to be considered for this extension.

Does the May 17 deadline apply to contributions for 2020 Traditional IRAs, Roth IRAs and HSAs?

This is still unclear, but maybe not. The IRS will be releasing guidance on this issue in the coming days, and this Q&A will be updated when it does.

Can I still get an extension to file my 2020 tax return?

Yes. The 2020 tax return filing deadline remains October 15 for taxpayers filing Form 4868 to apply for an automatic renewal. The deadline for submitting this form is now May 17, not April 15.

Taxpayers who file it have until October 15 to complete their paperwork, but they must pay what they owe by May 17. Interest and penalties will apply on that day.

I live in Louisiana, Texas or Oklahoma. Am I subject to the new May 17th deadline?

No. Due to emergency declarations related to the February storms, a wide variety of tax terms for individuals and businesses in these states have been postponed to June 15.

What about state tax terms?

“We expect most states to align their deadlines with the new federal deadlines,” said Mary Peterson, executive director of the Federation of Tax Administrators, a state tax group.

She adds that renewal will be tricky for states that need to pass any changes to the taxpayer and renew contracts to recode their processing systems. States are also still trying to evaluate and respond to changes to the U.S. bailout plan signed into law on March 11.

I’ve already filed my 2020 return and scheduled an automatic withdrawal of my tax payment for April 15. Will the IRS automatically delay this payment until May 17?

No, but taxpayers can take action to change the payment date.

Many filers allow an electronic withdrawal of money as part of their tax return filing. The IRS says these taxpayers can cancel their payment by contacting the US Treasury Financial Agent at 1-888-353-4537. Payment cancellation requests must be submitted no later than 11:59 PM ET two business days prior to the scheduled payment date. Taxpayers must then reschedule the automatic payment or send a check to the IRS.

For those using IRS Direct Pay or the Electronic Federal Tax Payment System (EFTPS), both have instructions for canceling payments, which must be done two days before the payment date. For IRS Direct Pay, use the Lookup a Payment feature. For EFTPS, log in and click Cancel a tax payment.

Taxpayers who have scheduled an automatic payment by credit or debit card should contact the card company to change the date.

I received unemployment benefits last year and the law was recently amended to exempt up to $ 10,200 of that from federal tax. What shall I do?

If you’ve already filed your 2020 tax return, the IRS strongly recommends that you do not file an amended return. The agency has not announced what steps to take, but plans to do so soon.

For those who have not yet filed their 2020 tax return, the IRS released guidelines with a worksheet and instructions on how to claim the exemption on March 16.

—Richard Rubin contributed to this article.

Write to Laura Saunders at [email protected]