COVID-19 & the Coronavirus pandemic have delayed the filing deadline for tax returns this year.
Until recently, many questions about the details of this announcement were left unanswered.
The IRS has clarified some of these issues. Here’s what you should know about the changes.
Do I have to file a form to be eligible for the July 15th deadline?
No form is required in order to take advantage of the July 15th deadline. It is automatic and does not require any paperwork. By July 15th, you need to either file your return and pay all taxes due, or file an extension and pay all taxes due. Any tax not paid by July 15th will be subject to interest and penalties.
If I file an extension on July 15th, does this give me another 6 months to file my return?
No. Normally an extension gives you 6 extra months to file your return. So an extension filed under normal circumstances gives you until October 15th to file your tax return. Understandably, the IRS didn’t want to give another six months beyond July 15th, putting the 2019 filing deadline in 2021. So an extension filed this year gives an individual taxpayer until October 15th just like other years.
Has the deadline to contribute to an IRA, ROTH IRA, or HSA been extended?
Yes. You can make IRA or HSA contributions for the 2019 tax year up until July 15th, 2020.
What about estimated tax payments?
Potentially expect another clarification on this. Currently, 2nd quarter estimated tax payments are due on June 15th and 1st quarter estimated tax payments are due on July 15th. This means that 2nd quarter payments are due before 1st quarter payments. So there may be more information coming.
In the meantime, if you have a question that isn’t addressed above, please call our office at 701-492-9000 and we would be happy to help.
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