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File a tax deferment? This is what happens to your missing incentive money when you do that


You can file an extension on your taxes before April 1


Sarah Tew / CNET

Think you need more time to prepare and file your taxes this year? No worries. You can file an extension with the IRS, giving your new due date for it tax return October 15, instead of the April 15 deadline. But knowing that the only way to get your lack of incentive money is by claiming it on your tax returns, what happens if you file a tax extension if you also expect to catch up? And what can happen if one third stimulus check arrives before filing your taxes for 2020?

If you plan to extend your tax return to a later date, you must file the extension by April 15, 2021. Also, keep in mind that filing a tax return doesn’t stop you from paying taxes. may be due – you still have to pay it by April 15, otherwise you will accrue interest that you will eventually have to pay on top of your income tax.

Here’s what will happen to your missing incentive money if you file for a tax deferment this year. Once you have submitted a file, do the following track your combined refund and incentive payment. And here’s what you need to know about one $ 1,400 stimulus check. This story was recently updated.

Can I still get my missing incentive money if I apply for a tax extension?

Yes. But you need to know the only way to get your missing item incentive money is by one Refund Discount on your taxes – even if you are usually not required to file taxes. So the longer you wait to file, the longer it will take for you to receive your tax refund, and it will be add your missing stimulus payment.

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When can I expect my missing payment?

It depends when you submit a file. Although you have until October 15 to file your tax return if you have filed an extension, this does not mean you have to wait that long to file.

For example, if you were to file before February 12 – then the IRS will start processing tax returns – you could receive your money as early as February 19. However, if you wait until October 15th, the earliest you would get the money is October 22nd.

See our table below for more information on when to expect your tax refund, including your missing incentive payment.

When to expect your tax refund

If you submit a file on this date

This is the fastest

This is the last

12th of February

February 19

March 5th

March 1

8 March

March 22nd

April 1st

April 8

April 22nd

April 15th (last day to submit)

April 22nd

6 May

October 15 (last day with extension)

22 Oct.

November 5th

How would a third incentive payment fit if it arrives during tax season?

That’s a good question and we need the IRS to answer it when and if Congress approves a third incentive check. It’s possible the IRS is using tax season to send checks, or the agency may send a standalone payment. The first stimulus checks were calculated based on how much incentive money you owed using information in the most recent tax return, while the second 2019 taxes only to determine your share. We need to see how the IRS handles this situation for people applying for extensions.

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How to File a Tax Extension in 2021: There are three options

There are three ways the IRS says you can file a tax extension:

Option 1: Pay all or part of your estimated income tax due and keep in mind that the payment for an extension is by using Direct Pay, the Electronic Federal Tax Payment System, or by credit or debit card.

Option 2: Submit Form 4868 electronically by opening the IRS e-file using your tax software or by partnering with a tax professional using e-file. Make sure you have a copy of your 2019 tax return.

If you need to find a tax software service and you earn $ 72,000 or less, then you can use the IRS Free File Online tool to find the best free filing system. You must collect the following information: income statements (W2s or 1099s), any adjustments to your income, your current filing status (single, married, joint filing), and dependent information. If you’re making over $ 72,000, you can use the free fillable form when it opens February 12.

Once you’ve entered all your details, the IRS will help you determine which option is best for you – it could be TurboTax’s IRS Free File Program or TaxSlayer, for example.

Option 3: File a paper Form 4868 and include the payment of your estimate of the tax due. Make sure it is postmarked on or before April 15th.

For more tax information, we spell the difference between a tax refund and a tax return, how the tax season will be different in 2021 and three reasons to sign up for direct deposit when you file your taxes.

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