Tax Day for individuals extended to May 17; Nebraska follows suit

    The Treasury Department and Internal Revenue Service announced March 17 the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15 to May 17 this year.
    Nebraska officials have done the same for state income tax filing.
    Nebraska Tax Commissioner Tony Fulton announced last week the Nebraska Department of Revenue also extended the deadline. As indicated in the IRS notice, Fulton said the extension and postponement does not include estimated payment
    “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic,” said IRS Commissioner Chuck Rettig.
    He reminds taxpayers filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments.
    Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due to May 17 without penalties and interest, regardless of the amount owed.
    This postponement applies to individual taxpayers, including individuals who pay self-employment tax.
    No additional forms are required to qualify for the automatic extension.
    Individual taxpayers who need additional time to file beyond the May 17 deadline can request an extension until Oct. 15 by filing Form 4868. The form is available at IRS.gov.
    Filing Form 4868 gives taxpayers until Oct. 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17 to avoid interest and penalties.
    This relief does not apply to estimated tax payments that are due on April 15. These payments are still due on April 15.