Federal Individual Income Tax filing deadline extended to May 17, 2021 – what you need to know

As of March 17, 2021, the Department of the Treasury announced that the Federal income tax filing due date for 2020 individual income tax returns (1040) has been automatically extended to May 17, 2021. This automatic one-month extension defers the associated outstanding tax liability for the 2020 tax year that would otherwise be due on April 15 to May 17, without incurring additional penalty or interest, regardless of the amount owed.

Key points to note about the new filing deadline:

This does not apply to federal 2021 1st Quarter estimated tax payments and these remain due April 15.

Taxpayers will still be able to file a traditional extension by May 17 to extend their filing deadline to October 15 and any balance of tax due for 2020 will need to be paid with that extension by May 17th. 

At this time, corporate (1120) and estate and trust returns (1041) are unaffected by this announcement and remain due April 15

The previously extended filing date of June 15th for LA, OK, TX due to the disaster declaration remains in effect

With a few exceptions, most states still have an April 15 due date for individual income tax filings at this time

On March 18, 2021, Illinois Governor Pritzker announced that the Illinois will follow the federal declaration and will extend individual income tax filing and payment deadline to May 17, as well. Also In line with the federal extension, the 2021 1st Quarter Illinois estimated tax payment due date remains unchanged and is due April 15th.

We will continue to keep our clients informed of the situation as new guidance is released.