For the second consecutive year, millions of individual taxpayers aren't freaking out about their taxes as April 15 nears. That's because for the second consecutive year, the annual Tax Day has been postponed.
But still, some folks are crashing right about now to get their 2020 filings done.
That's because the Internal Revenue Service decision to move Tax Day 2021 from mid-April to May 17 applies only to individuals who must file income tax returns, aka the IRS' 1040 forms series.
And some of these still have an April 15 deadline if they must pay estimated taxes for the 2021 tax year.
What's due this week: In addition to those payers of estimated tax, April 15 also remains the due date for the following filers.
- U.S. corporations must file Form 1120 for the calendar year and pay any tax due. To get an automatic three-month extension, file Form 7004 and deposit estimated tax.
- Foreign corporations must file Form 1120-F to report income, gains, losses, deductions, credits, and to figure U.S. income tax liability. However, Form 1120-F due dates can vary depending on if the foreign corporation has a U.S. place of business and on the year-end of the foreign corporation.
- Partnerships must file Form 8813 quarterly payment voucher and pay any tax due.
- Estates and trusts that are calendar year entities must file Form 1041 and pay any tax due.
- Tax-exempt organizations must file Forms 990-T (Section 401(a) or 408(a) trusts) or Form 1120-POL for tax years that ended on Dec. 31, 2020.
- Exempt organizations also must deposit estimated tax for the first quarter of 2021 due on Unrelated Business Taxable Income for Tax-Exempt Organizations. Use Form 990-W to determine the amount of estimated tax payments required.
If any of these federal tax filings apply to you, get to work. The deadline still is Thursday, April 15.
Don't overlook state tax deadlines: Also check with your state tax department.
Most states have followed the IRS schedule change as far as the due date for 2020's personal income tax filings. But not all.
And some that have changed their state individual income tax filing deadlines have other rules for certain circumstances and filings.
What can wait until May 17: OK, you don't have to file your federal Form 1040 this week. What other federal tax situations also are pushed back a month?
Filings required by Monday, May 17, include the following —
- Individual income tax return Form 1040 or 1040-SR. Any tax due in connection with these filings also must be paid by this deadline. You can get an extension until Oct. 15 to file your 1040 return by submitting Form 4868. You must, however, pay any 2020 tax due by May 17.
- Schedule H filed by household employers who paid $2,200 or more to a household employee in 2020. Sent Schedule H with your Form 1040.
- Form 1040NR or 1040NR-EZ used by non-resident alien taxpayers who received employee wages that were subject to income tax withholding. As with 1040 or 1040-SR, an automatic extension to file the form by mid-October can be obtained by submitting Form 4868. And as with 1040 or 1040-SR returns, any 2020 taxes owed must be paid with the 4868 extension filing.
- Forms 990, 990-EZ, 990-PF, 990-N, 990-BL, 990-T (Trusts other than section 401(a) or 408(a) trusts), 4720, or 8868 for tax years ending Dec. 31, 2020.
Again, double check with your state tax office about May or other deadlines this filing season.
Then there are the June filers: Some taxpayers are on a totally different schedule. They are those residents in parts of Texas, Oklahoma and Louisiana that were hit by the surprisingly severe winter storm back in February.
Following the major disaster declarations for those areas, these taxpayers have until June 15 to file not only their 2020 tax returns, but also their first estimated tax payment for 2021.
Of course, on that June day, they'll also have to make their second 2021 1040-ES payment.
If you're among this group, mark your calendar.
2017 tax year last chance: This May 17 also is last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds.
These individuals didn't file a 2017 tax return in 2018.
Law allows them three years to file and collect their un claimed refunds. The option expires once that Tax Day three years later — or May 17 this year for returns that should have been filed in 2018 — passes.
If you're one of those non-filers from 2018, you need to file your 2017 return and claim that refund by this May 17. If you don't, Uncle Sam gets to keep your unclaimed tax cash.
Paperwork side note and shameless plug: Since this post references so many tax forms that are due on April 15, May 17 or June 15, I'm adding it to the Tax Forms Fiesta! page.
You also might find these items of interest:
- FBAR filing deadline is April 15. Or Oct. 15
- Where's your tax refund? Use IRS online tool to find out
- Household help could mean more tax work for employers