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You can miss out on 4 things if you don’t file your income tax return before May 17

Tax day is May 17

If you miss the May 17 tax return deadline, you’re delaying more than just your tax refund.

Sarah Tew / CNET

If you wait until the very last minute to file your income tax return for 2020, you could delay some extra money that you owe. This year, meeting the May 17 deadline can help you the appropriate amount of your advance child discount . It can also help you a lot “plus-up” payment as the IRS underestimated the amount of your third stimulus check.

Your 2020 tax information is critical to the IRS in determining how much money you will receive in 2021. We give you four reasons why submitting your tax return is a good idea, and how filing a tax deferral can affect you. If you’ve already filed your 2020 tax return but haven’t received your refund yet, click here how to track it.

If you have received unemployment benefits in 2020, you could get a tax break. You may also want to know why that is IRS letter on your third incentive payment is important, how your tax return could be give you up to $ 50,000 in credits and benefits and how to tell if the IRS has a tax refund you have to claim May 17 at the latest. This story is regularly updated.

Reason no. 1: Get your advance on the child discount

The first payment as part of extensive child discount is expected to go out in July, and you may be eligible for up to $ 3,600 across seven payments as you and your family are eligible for this. To determine how much money you actually get, the IRS needs your adjusted gross income. That’s why it’s important to file your 2020 taxes by May 17 so the IRS uses your most recent tax numbers when calculating your payments. Otherwise, your payment may be less than what you qualify for.

The IRS said eligible families will have another option to update changes to income, application status, and number of eligible children, with more information, but did not provide specific information on how and when. We’ve reached out to the IRS for more information on how families can notify the agency of changes.

Reason # 2: Getting Your Extra Incentive Payment

If you get your third stimulus check you could be one plus-up paymentalso, but only if the IRS has your 2020 tax return. If the IRS based your payment on your 2019 tax return, but your 2020 federal tax return shows that you qualify for more money for that third-party payment, the IRS will send you the difference as a separate plus-up payment.

Reason # 3: Get your missing money from the first two stimulus checks

Your federal tax return this year is also how you get back all the money the IRS owes you from the first two stimulus controls. If you have not received payment or received less than you were eligible to receive, you can claim that money on your federal tax forms as a discount credit when you submit an application this year. This also applies to non-affiliates – those who are not normally required to file a tax return. If you wait to file your taxes closer to a new, later due date, so are you waiting to receive your money, which is bundled in your tax return.

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Reason # 4: Getting the right amount for your third stimulus check

The IRS uses information about your 2020 tax return, if it has it, to determine the amount you will get in your third stimulus check. In particular, the IRS is looking at the AGI, or adjusted gross income, on your 2020 form to help determine your payment by a new stimulus check formula.

But the tax authorities will use your 2019 return if your 2020 taxes have not been accepted at the time your payment is sent. This can work to your advantage if your income from 2019 was lower than your income from 2020 does not have to return the money In most cases.)

If your tax return for 2020 would bring you a bigger third stimulus check, Like you have more dependents, you want to file an application as soon as possible so that the IRS processes your 2020 taxes before it is released your third stimulus check. Here’s what people who normally do not file a tax return should know.

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Is the May 17 deadline the same for my state’s tax return?

This year, 37 states have pushed their deadlines back, according to the Association of International Certified Professional Accountants. Check with your state’s tax authority for the specific deadline.


Your taxes are also tied to your incentive payment this year.

Sarah Tew / CNET

What if I can’t meet Monday’s deadline?

If you need time after May 17, you can a tax extension, giving you more time to fill out your paperwork and send it to the IRS. The IRS said individual taxpayers do not have to file forms or call the IRS to be eligible for the extension.

However, the new extension does not help you pay estimated tax. The IRS said the May 17 deadline does not apply to those who make estimated payments, which were still due on April 15.

For more details on taxes this year, we spell the difference between a tax refund and a tax return and how the tax season will be different in 2021.

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