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Financial Planning > Tax Planning > IRS Updates

IRS Provides Last-Minute Tax Filing Tips

By Melanie Waddell

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What You Need to Know

  • The filing deadline, April 18, is also the deadline for Roth and traditional IRA contributions.
  • Filing deadlines are extended in some states.
  • Special rules may apply for some military personnel.

The Internal Revenue Service on Friday offered some last-minute tips and reminders on filing taxes, noting that April 18 is also the deadline to make 2021 contributions to individual retirement accounts.

Contributions can be made to a traditional or Roth IRA until the filing due date, April 18, but must be designated for 2021 to the financial institution, the IRS states.

For more information, see Retirement Plans FAQs Regarding IRAs or Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

The IRS estimates 15 million taxpayers will request an extension of time to file and the easiest way to request an extension to file is using IRS Free File.

In a matter of minutes, the IRS said, “anyone can request an extension until Oct. 17, using Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.”

But an extension of time to file is not an extension of time to pay, the IRS points out, “and taxpayers must estimate their tax liability on this form and pay any amount due by the April 18 filing deadline to avoid penalties and interest.”

Taxpayers can also request more time by paying all or part of their estimated income tax due and indicate that the payment is for an extension by using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a debit, credit card or digital wallet, the IRS states.

“This way they don’t have to file a separate extension form and will receive a confirmation number for their records,” the IRS said.

The IRS also said that it “automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in areas covered by Federal Emergency Management Agency disaster declarations.”

Deadlines Extended in Some States

Deadlines to file tax returns and make tax payments are extended for affected taxpayers in certain areas of Arkansas, Colorado, Kentucky and Tennessee until May 16 and for Puerto Rico until June 15.

For details on all available relief, visit the Around the Nation page on IRS.gov.

Taxpayers in Maine or Massachusetts have until April 19 to file their returns due to the Patriots’ Day holiday in those states.

Military Personnel Rules

Special rules may apply for some military personnel serving in a combat zone or a qualified hazardous duty area, the IRS said.

This also applies to individuals serving in a combat zone in support of the U.S. Armed Forces.

A complete list of designated combat zone localities can be found in Publication 3, Armed Forces’ Tax Guide. U.S. citizens and resident aliens living outside the United States have until June 15 to file their 2021 tax returns and pay any tax due.

(Photo: Adobe Stock)

Melanie Waddell

@Think_MelanieW

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