IRS Extends the 2020 Tax Deadline

By: Stacey Nickens

The IRS has extended the federal income tax return deadline from April 15 to May 17. This will give taxpayers more time to file their returns and the IRS more time to adjust to changes made by the American Rescue Plan Act.

Most notably, the American Rescue Plan Act says that certain unemployment benefits received in 2020 are not taxable at the federal level. This tax relief is available for up to $10,200 in unemployment benefits received by individuals and couples with adjusted gross incomes of less than $150,000. If you have already filed your 2020 return, the IRS is urging taxpayers to not amend their return to claim the exclusion. Instead, the IRS will automatically issue refunds to people who paid taxes on these unemployment benefits.

Beyond the May 17 extension, victims of the February storms in Texas, Oklahoma, or Louisiana still have until June 15 to file their federal income tax return.

Please keep in mind that individual states still have their own state return deadlines. Most states align their deadlines with the federal deadline. For example, Georgia has extended their state return deadline to May 17. However, you should check with your state’s tax agency to see if your state has or has not extended the tax return deadline.