Since we’re in the middle of the most chaotic year in decades (maybe generations?), I wanted to send a reminder to all that the extended IRS tax deadline for 2020 (to file your 2019 federal tax returns) is July 15. That means, from the date of this post (June 15) – you have exactly 1 month to go to file your 2019 federal tax return and make payment for any taxes due. The 3-month extension beyond the standard tax deadline of April 15, without the need to file a tax extension, was one of a number of federal government COVID-19 relief measures that were taken back in March, during initial outbreak panic.
But wait, there’s more. It’s not just your federal tax filing and payment that you need to worry about – there are a number of things that are due on July 15th that you should be aware of. Here are the full details…
The Revised Deadline for a Tax Filing Extension
If you are unable to file your return by the extended tax deadline, the tax filing extension deadline was also moved to July 15. A tax filing extension provides an extra 6 months (4 if out of the country) to file your return, from the original April 15 tax deadline. If you’re in country, this means that the extended tax filing deadline is Tuesday, October 15, 2020 (not 6 months from the revised deadline).
To file a tax extension, fill out IRS form 4868 and submit it through a tax professional, your tax software, or via the IRS’s Free File tool. It’s important to note that a tax extension does not delay any payments due to October as well – you’ll need to estimate your tax liability and submit your payment by the new July 15 extended date. If you overestimate and overpay, you’ll get a refund. If you underestimate and underpay, you will owe the underpaid amount and potentially a penalty on top of it.
Federal Estimated Tax Payment Deadlines for Q1 & Q2, 2020
July 15 is not only the extended deadline for your 2019 federal tax return, but it also is the revised extended deadline for federal estimated tax payments for 2020 for those who earn contractual or self-employment income. There are 4 quarterly deadlines for estimated tax payments that typically fall on these dates:
|Time Period:||Estimated Tax Payment Date:|
|January 1 - March 31||April 15, same year|
|April 1 - May 31||June 15, same year|
|June 1 - August 31||September 15, same year|
|September 1 - December 31||January 15, subsequent year|
But, this year, the Q1 April 2020 estimated tax payment deadline was extended to July 15, 2020 and the Q2 June 15 deadline was also extended to the same date shortly thereafter, as an additional COVID-19 relief measure.
State Tax Return Deadline & Q1/Q2 2020 Estimated Payments
Shortly after the IRS moved the 2019 tax return deadline to July 15, most (but not all!) states followed suit. I published an article a few months ago with all of the revised extended state tax deadlines for federal returns and state quarterly estimated payments for Q1 and Q2, 2020. However, there have been a number of updates since, and I have not revised the article.
I would recommend visiting your state’s official tax website to confirm what the deadlines are, and file appropriately.
2019 IRA/HSA Contribution Deadlines are Also July 15
Additionally, the IRS also extended the IRA contribution deadline and HSA contribution deadline to match the tax deadline. The deadlines to contribute for the prior calendar year are typically April 15th, but the 2019 calendar year deadline was extended to match the new tax deadline. You will be able to contribute for the 2020 calendar year up until the 2020 tax deadline next April.
How to File your State Taxes
I previously put together a list of my picks for the best tax prep software and best & cheapest ways to Efile for suggestions on where to file your state tax return. A few of my favorites over the years (some with discounts from affiliate partnerships) include:
If you owe taxes, I would recommend that you pay taxes online, as it is quicker, safer, and more reliable.
Also, check out my guide on the basics of how to do your taxes for a quick overview of most of what you will need to know for filing taxes this year.