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File a tax deferment? What happens to your missing incentive money if you do that?



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You can file an extension on your taxes before April 1

5.

Sarah Tew / CNET

If you know, you need more time for that file your taxes this year, you can file an extension with the IRS. The extension would create your new due date for tax return October 15, instead of the April 15 deadline. However, knowing that is the only way to get your lack of incentive money – and possibly a third check – if you claim it on your tax return, what happens if you file a tax extension?

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 eventually have to pay.

Here’s what will happen to your missing incentive money if you file for a tax deferment this year. Once you submit an application, here’s how to track your refund and stimulus payment.

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

Yes. However, you must know that 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 will I receive the money?

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 begin 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 to file a tax extension

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 payment for an extension is 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 by using your tax software or by using a tax professional who uses 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 will need to 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.

After you’ve entered all of your information, 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 by April 15th.


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For more tax information, here it is 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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