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Filing a Tax Withdrawal: Money You Owe, Repayment Schedule, Rules If You Miss the IRS Deadline



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If you plan to apply for an extension, there are a few things you should know.

Sarah Tew / CNET

With Tax day just two days away, you may already know if you’re going to meet the May 17 deadline to file your federal income tax return. If you think you have the cutoff to file your taxes, consider applying for a tax deferral. You don’t need a reason: The IRS doesn’t ask why you want more time to file a file.

By applying for an extension, you have until October 15 to file your tax return. Know that an extension will not delay your tax liability. They still have to be handed in on 15 May. You can also extend your tax returns, an additional incentive payment or money from the first and second stimulus controls you must apply this year by submitting an application. We will explain more below. An extension can also affect your height payment of the child discount, like you qualify for one.

After you file an application, it may take a little longer to receive your tax refund, but tracking your combined refund and incentive payment can help. We can also tell you about the new child discount, including how much you could get, like which families are eligible (including dependent persons). You can also read what could be on the horizon with a fourth stimulus control. This story has been updated.

What to Know When Filing an IRS Tax Extension

If you think you’re not going to meet the May 17 deadline to file your tax returns this year, you can file an extension with the IRS to get the date for submitting your tax return until October 15. You must apply for the extension no later than May 17.

Extending your filing deadline to October doesn’t delay when you may have to pay taxes due. You must pay the estimated taxes you owe by May 17. Otherwise, you will accrue interest on what you owe, which you will eventually have to pay – plus other possible penalties – on top of your income tax.






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If you qualify for an additional incentive payment, a tax extension may be delayed when you receive it

If the IRS calculated the amount of your third incentive payment with your 2019 tax return, you could qualify for more money as a so-called “plus-up paymentOnce the IRS receives 2020 taxes and recalculates your total. But until you file a 2020 tax return, the IRS will not have your new income or dependent information on file. If you file a tax extension, your payment will be in full.

If you do not apply until October 15, the amount of your child discount may be reduced in 2021

The IRS uses your 2020 tax return to determine how much money you qualify for as part of the extensive child discount this year. If you wait until October to file, the IRS can use an older tax return for calculate your payments. If a change in income or a new dependent doesn’t reflect in that older return, you may be getting less money this year than you qualify.

You will see a delay in claiming missing funds from the first two stimulus checks if you get an extension

If the IRS owes you money from the first two stimulus checks – you may not have received a check or received less than what you were eligible for – you can claim the missing payments through a chargeback discount credit on your tax form for 2020. This is true even if you usually not required to file taxes. So the longer you wait to submit a file, the longer it will take to submit your missing incentive payment.

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May 17 is the deadline to file your income tax return or to request an extension.

Sarah Tew / CNET

Your refund will be delayed if you file a tax extension

The timeline for getting your income tax back – or your refund plus incentive money outstanding – depends on when you sign up. 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 apply before the May 17 deadline, you can receive your money as early as May 24. However, if you wait until October 15th, you will get the money back at the earliest October 22nd. The IRS is experiencing delays providing certain services because of the pandemic, so in some situations it may take longer to receive your money.

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

When to expect your tax refund

If you submit a file on this date

This is the fastest

This is the last

May 17 (last day to submit)

May 24

June 7

October 15 (last day with extension)

Oct 22, 2018

November 5th

Filing a tax extension with the IRS in 2021: You have 3 options

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

Option 1Pay all or part of your estimated income tax through Direct Pay, the Electronic Federal Tax Payment System, or through a credit card, and note that you have requested an extension.

Option 2: Submit Form 4868 (PDF) electronically by accessing the IRS e-file by using your tax software or by partnering with a tax advisor 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 IRS-approved free filing service. You must collect the following information: income statements (W2s or 1099s); any adjustments to your income; your current application status (single, married, filing jointly); and dependent information. If you are earning more than $ 72,000 you can use the free fillable form.

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 on or before May 17th.

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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