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Home / Tips and Tricks / Deadline for extension of tax return 2020: How to calculate returns, check repayment status and more

Deadline for extension of tax return 2020: How to calculate returns, check repayment status and more



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Angela Lang / CNET

Although there have been many oddities in 2020 – including one postponement of the usual tax deadline from 1

5 April to 15 July due coronavirus pandemic – the extension date for extended income tax is the same: 15 October. And it’s coming up next week. If you submitted and calculated your tax refund, or stopped sending money to the IRS, then you’re ready for this crazy year. But if you’re one of the millions of Americans who have applied for an extension to the IRS, you may still have some work to do. Read on for more information and as always be aware that there are many common – and dangerous – tax frauds to avoid.

Read more: Stimulus check 2: When could it come? We break down the dates to know

What if I missed the tax deadline?

Here is the good news: If you pay back, there is no penalty for submitting late. But if you owe the IRS, fines and interest began to accrue to any remaining unpaid tax that would be payable as of July 16, 2020. And there is a $ 300 penalty. (Taxpayers’ first law from 2019 will increase this penalty to $ 330 by 2021.) In most states, taxpayers who receive a federal extension are automatically required to file a corresponding extension to file their state income tax return.

The big caveat: The IRS still requires you to do this pay your taxes in full by July 15; so if you have not done so yet, you are late. The deadline for October is only for archiving your income tax return. It is also worth noting that in a federally declared disaster or serving in the military – in a combat zone or a contingency operation in support of the armed forces – they may have additional time to submit, according to the IRS.

If you did not submit an extension, you would have sent in your email or mailed your individual tax return by midnight on July 15th. If you missed the deadline, you should arrange your paperwork and your tax return will be sent as soon as possible. Check out CNET’s compilation of the best tax software for 2020 can help you take care of business quickly and affordably.

What changes for taxes for 2019 do I need to know about?

For the fiscal year 2019, the IRS has adjusted individual income tax classes and adjusted them for inflation. And there are new rules that involve standard deductions, 401 (k) plans and health-saving accounts that can affect how you prepare your taxes. The major changes include:

  • The standard deduction is now $ 12,200 for singles and $ 24,400 for married couples applying jointly. (Read more.)
  • The 401 (k) fee limit has been increased to $ 19,000, but the collection limit for people over the age of 50 is still $ 6000. (Read more.)
  • The fee limit for health savings accounts has been increased to $ 3,500 for self-coverage and $ 7,000 for families. (Read more.)
  • The “individual mandate penalty”, which was previously charged to people who did not have health insurance, has now been eliminated. (Read more.)

Last year, The IRS was shut down due to government suspension. This year, many government agencies have closed their doors or are working with greatly reduced capacity. Many taxpayers have to rely on online resources to help them navigate the filing process. The IRS published a 12-page PDF covering the major changes that took effect last year and there are answers to many questions on the IRS website.

There are also many companies that are happy to help you prepare your taxes, for a fee of course. (Depending on your annual income, however, you may be eligible for free preparation support resources they are harder to find than they should be.) CNET Private finances the crew has prepared a variety of tax resources to help you, including a series of articles covering the 2020 tax season from all angles:

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Tax registrations needed to be postmarked no later than July 15.

Angela Lang / CNET

What tax preparation apps can I use?

There are many tax apps, but we have compiled some of the most reliable ones apps and services for tax preparation. Continue reading below for even more information on how to register taxes online.

How do I register my taxes online?

CNET has rounded up the best tax software for 2020, with suppliers such as TurboTax, H&R Block and TaxSlayer. These companies can make the tax registration process much easier, from reporting your taxable or self-employed income to making a direct deposit to going through your specified deductions.

Read more: The best tax software for 2020

As mentioned, the IRS provides a list of free online tax preparation software offered by many of the same providers. The only catch: It’s only free if you qualify to use a 1040EZ form. This means that your tax situation must be relatively simple. You can use it if you earn less than $ 100,000 annually, do not specify deductions and do not own a business.

Of course, if you want to specify deductions or have a more complex financial situation – you run a business, have investments or generate rental income – you have to pay for a higher level of service, which can run a couple of hundred dollars. For most people, even the most luxurious online package is much cheaper than hiring an authorized tax professional. And if you prefer to keep the old school, the IRS online tax form handles some but not all of the calculations for you and still allows you to email or print and email.

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A number of online tax software providers will help you register for free.

TurboTax

Read: TurboTax makes you look for its free tax registration service, says ProPublica

When do I need to file my state taxes?

This year, most states extended their tax return deadlines to July 15 to match the federal government’s deadline while a couple pushed the end date even further; Hawaii’s state tax deadline was July 20 and Iowa’s July 31. Missouri state tax deadline was May 15. In most states, however, taxpayers who receive a federal extension are automatically required to file a corresponding extension to file their state income tax return.

Can I file my state taxes online?

Many states have their own tax platforms online, which are usually free to use. TurboTax, H&R Block, and other online tax tools can also help you file your government returns and can import most of the information from a federal return they have already prepared, although they usually charge a fee. Check CNET’s comparison of tax software and services to see which one is best for you.

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IRS.gov

When will I receive my tax refund?

How quickly you can expect your refund to depend on how you file, when you file, and which payment method you choose. Online archiving and archiving earlier usually results in faster processing. During a normal year, the typical turnaround varies from one to three weeks, but given the extreme deviation in 2020, all games are closed.

Choosing direct deposit as a payment method so that the IRS will deposit your refund directly into your bank account usually makes the quickest turn. An e-Collect direct deposit, where your tax preparation fee is deducted from your refund, can add a few days to your wait. It can take several weeks before a paper check arrives.

How to use Appreciate your refund.

Where should I send my tax?

If you file online, there is nothing to print or email, but we recommend that you save an electronic copy for your information regardless. This can be especially useful if one second stimulus control passes and you must check your qualifications. For the first round of checks, yours eligibility was based on your tax returns.

Otherwise, you must send your return to the IRS. The specific postal address depends on the tax form you use and the state in which you live. The IRS has published the full list here.

How do I send my tax to the IRS?

If you send your tax payment by e-mail, you can choose to get the money back directly from your bank account or include a personal check or money order. If you choose the latter, make it to the “US Treasury” and enter your name, address, telephone number, social security number or ITIN (individual tax ID number). During no circumstances you should send cash to the IRS.

Read more: How to handle cryptocurrency on your taxes






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How do I check the status of my refund?

The IRS website has a handy web-based tool that allows you to check the status of your refund, and there is also a mobile app, IRS2Go. You can usually access your refund status approximately 24 hours after email filing or four weeks after email in a return. To check your status, you must enter your social security number or ITIN, the application status and the exact amount of your refund. If your status is “received”, the IRS has your return and processes it. “Approved” means that your refund is on its way.

I have questions about my taxes. Can I call the tax authorities?

There are many ways to contact the IRS. The agency seems to have interrupted its live chat at the moment, but you can still send questions via its online form. If you prefer to talk to a person, the IRS maintains a number of dedicated phone lines that are open Monday through Friday, from 7 a.m. to 10 p.m. (local time). Individuals can call 800-829-1040 and companies can call 800-829-4933.

And there is always the interactive tax assistant, an online tool that provides answers to a number of tax law questions. It can determine if a type of income is taxable, if you are entitled to claim certain credits and if you can deduct costs on your tax return. It also provides answers to general questions, for example to determine your application status, if you can claim maintenance rights, if you even have to submit a self-declaration, etc.

Where can I find help with my taxes?

There are plenty of online applications and services, and you can check out CNET’s comparison of them.

The IRS usually offers free tax help through a number of programs. For example, the Voluntary Income Tax program usually helps people who earn less than $ 54,000, are disabled, or have limited ability to speak English. And the program Tax Advice for the Elderly specializes in tax issues that affect people who are 60 years or older. However, due to COVID-19, many VITA sites and all TCE sites have been shut down. Currently, the IRS International Taxpayer Call Center is available 267-941-1000, Monday through Friday at 06:00 to 23:00 ET.

Read more: How to deduct from your home office without review


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