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Home / Tips and Tricks / It’s time to file a tax extension if you don’t meet the IRS deadline of May 17

It’s time to file a tax extension if you don’t meet the IRS deadline of May 17



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

Sarah Tew / CNET

It is May 17 last day to file taxes. The IRS has fallen behind because of the stimulus check payments this year and in 2020. If you have not yet gotten your paperwork together for your income tax return, consider submitting an extension.

Why is it a good idea to file a tax deferment this year? Because whether you are or not expect a tax refund, the only way to claim lack of incentive money of the last three stimulus controls is by your Tax return 2020. Why is submitting an extension also important for the new one “plus-up” payments with the third stimulus check? We explain more below, but you can also calculate how much money you owe here.

After filing an application, you may experience a delay in getting your tax refund, but track 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 you need to know first about filing for a tax deferral

If you are applying for an extension with the IRS, that would be your expiration date for submitting your tax return until October 15. If you decide to extend your tax return to a later date, you must file the extension by May 17, the tax term. Keep in mind that you will still have to pay the estimated taxes you owe on the tax due date. Otherwise, you will accrue interest on what you owe, which you will ultimately have to pay – plus other possible penalties – on top of your income tax.

If you’re waiting for an additional payment, filing a tax deferral can delay it

If you received your third incentive payment based on your 2019 taxes, but you could qualify for more based on your 2020 taxes, you may be waiting for one plus-up payment to arrive. However, until you file a tax return, the IRS will not have your new income or dependent information on file. Filing a tax extension will further delay you to receive your full payment.

If you request a deferment, can you still claim the missing funds from the first two incentive payments?

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

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The clock is ticking to file your income tax or request an extension.

Sarah Tew / CNET

Is your tax refund overdue if you file an extension?

The timeline for receiving your tax refund – 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 17th deadline, you can receive your money as early as May 24th. However, if you wait until October 15th, you will get the money back at the earliest October 22nd.

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 Tax Renewal In 2021: 3 Ways To Do It

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 payment, the electronic federal tax payment system, or by credit or debit card.

Option 2: Submit Form 4868 (PDF) 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 are earning more than $ 72,000 you can use the free fillable form.

Once 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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