Question of the Day: What is the deadline for filing your 2020 tax return?
Answer: May 17th
- Just like school work, why is it important to know the deadline to file your tax return?
- Can you file your tax return early? Why might be a reason to file BEFORE the deadline?
- Why do you think the IRS gives people a few months after the end of the tax year to file their tax return?
Behind the numbers (CNBC)
The IRS and Treasury Department will postpone the April 15 tax-filing deadline to May 17, the agencies announced Wednesday.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig in a statement.
In addition, taxpayers can also delay payment of any money owed the IRS until May 17. If payers still need more time to submit their returns, they can request an extension (but not taxes owed) until Oct. 15 by filing Form 4868.
Want to dig into the 1040? Check out NGPF's On-Demand module: Tackling the 1040.
We update our taxes unit every January. Check out the updated Taxes Unit here.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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