The Internal Revenue Service is reminding an estimated 188,400 Indiana residents who asked for an extension to file their 2020 tax return, that they have until October 15, 2021 to file and avoid the penalty for filing late.
The IRS urges everyone to file electronically in order to avoid delays and speed the processing of their return.
“October 15 is the deadline for just about everyone,” said IRS spokesperson Stacy Engle. “Only members of the military and others serving in a combat zone, have more time. They normally have 180 days after they leave the combat zone to file and pay any taxes due.”
Choose direct deposit for refunds
There is usually no penalty for failure to file if the taxpayer is due a refund. However, people who wait too long to file and claim a refund, risk losing it altogether. The safest and fastest way for people to get a refund is to file electronically and have their refund electronically deposited into their bank or other financial account. Taxpayers can use direct deposit to deposit their refund into one, two or even three accounts.
IRS Free File is still available in English and Spanish giving taxpayers who earned $72,000 or less in 2020 a way to file and claim credits like the Recovery Rebate Credit, Advanced Child Tax Credit. The Free File Fillable Forms, the electronic version of IRS paper forms, is also available for people comfortable preparing their own taxes.
Schedule federal tax payments electronically
Those who still have to file a 2020 tax return, owe tax, and did not request an extension can generally avoid additional penalties and interest by filing the return as soon as possible and paying any taxes owed. Taxpayers can file now and schedule their federal tax payments up to the Oct. 15 due date. Electronic payment options are the optimal way to make a tax payment.
- IRS Direct Pay allows taxpayers to pay online directly from a checking or savings account for free, and to schedule payments up to 365 days in advance.
- The IRS2Go app provides the mobile-friendly payment options, including Direct Pay and debit or credit card payments on mobile devices.
- Payment options and tax information is available in several languages by clicking on the “English” tab on the front page of IRS.gov.
Monthly advance Child Tax Credit payments
Millions of American families currently receive monthly advance Child Tax Credit payments. These payments represent half of the increased Child Tax Credit from the American Rescue Plan and will continue through the end of the year. Those eligible who file and have their 2020 return processed on or before Nov. 1, may be eligible for two payments of half the credit in 2021. Similarly, people who file and have their return processed on or before Nov. 29, may be eligible for one payment. Complete information on the advance Child Tax Credit is available on IRS.gov.