Tax day 2020: Taxes are due Wednesday, here is what you need to know

Tax day 2020 - What you need to know

The COVID-19 pandemic led the Treasury Department to delay the federal tax filing deadline from its traditional mid-April date, and if you took that time to relax and think of other things, now you need to focus.

The deadline to file your federal taxes and to pay your 2019 tax bill, is 11:59 p.m. Wednesday.

According to the Internal Revenue Service, around 142 million taxpayers have already filed returns, but the IRS has not processed them all.

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According to The New York Times, a report by Erin Collins, a national taxpayer advocate, says those filing paper returns — as opposed to the majority of people who file electronic returns — “may be in for a long wait” for their refund. In May, the Times reported that there was a backlog of 4.7 million paper returns.

Here’s what you need to know about the deadline and your federal taxes.

When is the deadline for filing federal taxes?

The deadline to file 2019 taxes is 11:59 p.m. on Wednesday (July 15).

Is there any exception?

You can get an extension until Oct. 15 to file your federal income tax form. You can do that by filling out and submitting IRS form 4868. You can find it here.

Filing an extension does not mean you have more time to pay your taxes. If you owe money, you are expected to pay that money by Wednesday. If you do not pay the tax bill you owe, you will have to pay interest and penalties on the amount you owe.

What if I can’t pay it?

You can request a payment plan by filing Form 9465. The plan will allow you to take up to 72 months to pay your tax bill.

What about my state tax bill? Is it due Wednesday?

Many states extended their deadlines, but some did not. You can see what your state did by clicking here. Look at the far right column for your state’s date.

I got a stimulus check, do I have to pay taxes on that?

That money is not taxable for 2019, nor for 2020. The money was structured as a tax credit for the 2020 tax year.

Can I still contribute to my individual retirement account and use that contribution to lower my tax bill?

Yes. You have until Wednesday to make a contribution and have it included on your 2019 tax bill. You can put up to $6,000 into an IRA and have it count for your 2019 bill. If you are older than 50, you can put $7,000 in.