The 2021 tax deadline was pushed back to May 17 this year, instead of the usual April 15 Tax Day. With under two weeks left to file, many Americans are consideringinstead. This year, might be more important than ever because of the way and are intertwined. For example, on top of a you could also be in for a “ ” for your . And your 2021 tax information will also be critical in determining the amount you’re owed for the newly . (Use to see how much you’ll get.)
The earlier you file, the earlier you’ll receive any and all money coming to you, and the less likely you’ll have to jump through additional hoops like, retroactively or to claim .
Here’s what you need to know about this year’s Tax Day and how moving it back could affect you. And here’s how your tax return this year couldand how (it takes two minutes to find out). This story was recently updated with new information.
What your 2020 taxes have to do with 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 the third stimulus check, the IRS will send you the difference as a separate .
How the May 17 tax deadline affects stimulus checks
The IRS uses, if it has it, when it determines the amount you’d get in your . Specifically, the IRS looks at the , on your 2020 form to help figure out your payment, 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’d want to file as soon as possible, so the IRS processes your 2020 taxes before releasing . Here’s what should know.
2020 taxes and the 2021 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.
What the May 17 deadline means for your 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 your state’s tax deadline the same as the federal 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 if you can’t make the May 17 tax return due date?
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 .