Understanding the Tax Relief Payment Extension

 3/19/2020

 

 

The President’s emergency declaration Tuesday regarding tax payment relief for those affected by the COVID-19 outbreak has caused some confusion.

To be clear, Tax Day is STILL April 15. That means, as of now, taxpayers are required to file their income tax returns by April 15 or file for a six-month extension.

The emergency declaration does provide that taxpayers who are required to make a federal income tax payment by April 15 can now postpone that payment for 90 days. Interest, penalties, and fees for failure to pay will not be charged during that time, which ends July 15. Individuals and married filing jointly taxpayers can postpone up to $1 million in taxes they owe for 2019.

So, if you owe a payment to the IRS on your 2019 tax return, you now have extra time to pay it. If you are expecting to receive a refund, then you still should file as soon as possible. Taxpayers who cannot file their tax returns by April 15 should complete a federal Form 4868. 

Oklahoma and Missouri have not adjusted the filing deadline for state income taxes at this time. However, a valid Federal extension will automatically extend the due date of your Missouri and Oklahoma return if no tax is owed. Include a copy of the federal extension with your state return.

Reminder, our VITA sites for free tax preparation are closed through March 29. As an alternative, MyFreeTaxes is a free and easy way for anyone of any income to file simple returns.

Learn more:
Read IRS Notice
IRS Coronavirus Resource Page
OK Income Tax Information
Missouri Income Tax Information

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