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Federal Tax Deadline Moved; Illinois Deadline Also Extended

Federal Tax Deadline Moved; Illinois Deadline Also Extended

  • Posted by Barrington Hills
  • On March 22, 2021

Individual taxpayers are getting a little relief for filing returns and making any payments.

| Patch.com  | Thu, Mar 18, 2021 at 6:37 pm CT

Illinois residents will once again get some breathing room for filing their federal income tax returns.

The Internal Revenue Service said Wednesday the due date for the 2020 tax year for individuals was being moved by about a month: from April 15 to May 17. The agency said it would provide formal guidance in the coming days.

On Thursday, Gov. J.B. Pritzker announced that the state tax filing deadline has also been extended until May 17.

Here’s what else the IRS said taxpayers need to know about the extended deadline:

  • Taxpayers can postpone federal income tax payments that would be due April 15 to May 17 without any penalties or interest regardless of the amount owed
  • The postponement is for individual taxpayers, including those who pay self-employment tax
  • Penalties or interest in unpaid balances will begin to accrue May 17
  • Taxes paid by May 17 will automatically avoid interests and penalties
  • Taxpayers will automatically qualify for this relief and don’t need to file any forms

Anyone who needs an extension beyond May 17 can file to request an extension until October 15 but any taxes due would still need to be paid by May 17.

The agency also clarified that the extension doesn’t extend to estimated tax payments; the money withheld in paychecks or the estimated tax payments people make if their income isn’t withheld automatically.