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IRS Changes Due Date 2020 Return

IRS Changes Due Date 2020 Return

Old Mar 17th 2021, 7:36 pm
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Default IRS Changes Due Date 2020 Return

Like last year the IRS will once again postpone filing due date for 2020 return:

https://www.cnbc.com/2021/03/17/irs-...to-may-15.html
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Old Mar 18th 2021, 3:52 pm
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Default Re: IRS Changes Due Date 2020 Return

Originally Posted by MMcD View Post
Like last year the IRS will once again postpone filing due date for 2020 return:

https://www.cnbc.com/2021/03/17/irs-...to-may-15.html
This seems odd and confusing. Apparently the recent stimulus passed by Congress made changes with implications for filing 2020 taxes. But haven’t a very high proportion of taxpayers already filed their 2020 taxes?
The latest coronavirus relief bill, which was signed into law by President Joe Biden on March 11, in the middle of tax season, made a number of changes that added to an already complex filing year for many.

The bill made the first $10,200 of unemployment income, or $20,400 for married couples filing jointly, tax-free for filers with 2020 adjusted gross income of less than $150,000 (for both singles and couples).
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Old Mar 18th 2021, 11:02 pm
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Default Re: IRS Changes Due Date 2020 Return

Originally Posted by robin1234 View Post
This seems odd and confusing. Apparently the recent stimulus passed by Congress made changes with implications for filing 2020 taxes. But haven’t a very high proportion of taxpayers already filed their 2020 taxes?
Perhaps the IRS and/or Congress has already factored in the likelihood that many people won't file amended returns and thus the IRS gets to keep more cash.
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Old Mar 18th 2021, 11:38 pm
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Default Re: IRS Changes Due Date 2020 Return

Yes, they have extended the filing date to May. With any luck we will get our neighbor up north to send hubby's T-4s so we can file on time.

PS We haven't filed for 202 yet, as per above, and have received our joint deposit over the weekend.
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Old Mar 20th 2021, 9:55 pm
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Default Re: IRS Changes Due Date 2020 Return

Originally Posted by cautiousjon View Post
Perhaps the IRS and/or Congress has already factored in the likelihood that many people won't file amended returns and thus the IRS gets to keep more cash.
The IRS claims it will automatically deal with some unemployment pay now being tax free on 2020 returns already filed, i.e. by adjusting downwards tax due or adjusting upwards refund due.
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Old Mar 21st 2021, 12:57 am
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Default Re: IRS Changes Due Date 2020 Return

We filed our taxes already for 2020 and my wife spent a couple of months unemployed during the pandemic which increased our tax bill to about $1,000. Will be interested to see if we get an auto refund or if we have to file an amended return. The joys of trying to file early and get it out the way.
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