The IRS’s new tax deadline is now just one week away. If you have yet to get your taxes filed, you may want to considerif you think you’ll miss the due date. But do keep in mind that this tax season and are related: If you were eligible for a on your , you could see that additional money with your .
If you don’t plan to file — or you just haven’t done so yet — you could be missing out on extra cash in your pocket. We’ll explain whyis important and how moving it back could affect you. Your tax information is also essential in determining how much you’ll get with the new — to find out how much you qualify for, use CNET’s . It’s also easier to file now than to retroactively claim or by having to in the future.
If you did file your 2020 tax return but you’re still waiting on your refund, we’ll tell youhere. You might also want to know why that is important, how your tax return could and how . This story is updated regularly.
Why are taxes this year connected to stimulus plus-up payments?
The IRS is looking at your 2020 federal taxes to determine if it underestimated the amount of money you received with the. If the IRS based your payment on your 2019 tax return but your 2020 federal tax return shows you qualify for more money for that third payment, the IRS will send you the difference as a separate .
How does the May 17 tax due date affect my stimulus check?
The IRS uses, if it has it, to determine the amount you’d get in your . Specifically, the IRS looks at the , on your 2020 form to help figure out your payment by using a .
But the tax agency will use your 2019 return if your 2020 taxes haven’t been accepted by the time your payment is sent. That could work in your favor if your income from 2019 was lower than your income from 2020 (youin most cases).
However, if your 2020 tax return would, like if you , you’ll want to file as soon as possible, so the IRS processes your 2020 taxes before releasing . Here’s what should know.
What do I need to know about 2020 taxes and the revised child tax credit?
Theis different this year. You’re eligible for more money per , and will start receiving checks as soon as July on a monthly basis through the end of 2021. A second sum will arrive with next year’s tax refund. Your is crucial for determining , and unlike stimulus checks, you will need to return any overpayment.
Also, you need to file your taxes by the May 17 deadline to ensure you qualify for the child tax credit payments. This will help the IRS know everyone in your family who qualifies you for the payment.
Is the May 17 deadline crucial if I’m missing stimulus money?
Your federal tax returns this year are also how you’ll recover any money the IRS owes you from the. If you either didn’t get a payment or got less than you were , you can as a rebate credit when you file this year. — those who aren’t normally required to file a tax return. If you wait to file your taxes closer to a new, later due date, you’re also , which will be bundled .
Is the May 17 federal deadline the same as my state’s tax return deadline?
This year, according to the Association of International Certified Professional Accountants, 36 states have shifted back their deadline. Check with your state’s tax agency for the specific deadline.
What should I do if I can’t file before the May 17 deadline?
If you need time beyond May 17, you can, which gives you more time to complete and send your paperwork to the IRS. The IRS said individual taxpayers don’t need to file forms or call the IRS to qualify for the extension.
The new extension doesn’t get you off the hook for estimated tax payments, however. The IRS said the May 17 deadline doesn’t apply to those who make estimated payments, which were still due on April 15.
For more details on taxes this year, we spell out theand .