CHARLOTTE — As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15.
The move provided some economic and logistic relief for taxpayers dealing with the disruptions and uncertainty brought on by lockdowns, school closures and shuttered businesses. But now that new deadline is rapidly approaching. Taxpayers must file or seek an extension by the new deadline or face a penalty. The IRS is expecting about 150 million returns from individuals and as of last count, it had received almost 139 million.
If I waited to file, will I get interest?
Yes, if you waited until July 15 to file and you get a refund, the federal government will pay you interest too. Don’t worry if you don’t see it with your refund. It may come separately.
Can I have an extension beyond July 15?
Yes, the IRS will give you more time to ‘file’ your return. Use this form, but you can’t get more time to pay your taxes, so still pay by next Wednesday.
How can I pay?
What if I owe money and can’t pay?
If you can’t afford everything you owe, the IRS says pay what you can. It has multiple payment plans. You may still have to pay a penalty but not as much.
Where’s my federal refund?
The IRS said it cut back on some services because of the pandemic. Plus, it’s been busy sending out 140 million stimulus payments. So, the IRS said for the most part, if you filed electronically, you should get your refund in less than 21 days. At last check, the agency wasn’t processing paper returns. At the time, the agency said you may have to wait until the middle of this month for your refund, at the earliest. You can check the status here.
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