You Have One Month Left to File Your 2019 Tax Return
Tax Day is approaching. You forgot? I don’t blame you. America’s worst annual vacation was pushed back from April 15th to July 15th back in March, and if you weren’t expecting a refund, you’ve probably postponed that task.
Well, it’s time to stop avoiding it. The 2019 tax filing deadline is just one month away.
July 15 is also the day that the second quarter payment must be made if you file the quarterly tax estimate (it usually has to be paid on June 15, but was canceled this year due to the pandemic). Government tax due dates may vary.
If you’re not sure where to start, we have a list of websites that offer free options for filing state and federal tax returns . If you earned less than $ 70,000 last year, in some cases you can prepare your tax return for free using an online program. Some of these programs also have age restrictions that require you to be under 59 or 50 to receive free filing services.
The procrastinators among us may be wondering, what about the incentive payment you received (or expect to receive)?
If you’ve already received coronavirus benefits , completing your 2019 tax return won’t affect it, even if your income has fluctuated since your 2018 tax return. If your 2019 income was lower than your 2018 income (technically, your Adjusted Gross Income or AGI) to the point that you were not eligible for payment based on your 2018 income but are eligible for 2019 you will receive tax. credit when applying in 2020. Depending on the amount of the loan, you may receive a refund.
In the meantime, if you were eligible for the 2018 tax return, but your 2019 income is too high, you won’t have to return that money next year. The Coronavirus Relief Payment is an upfront refundable tax credit , which means it is issued before you file your tax return, but cannot be refunded if your situation changes.
So don’t worry about paying out aid right now. Just end up with 2019 taxes and be done with it. If you are in arrears, remember that you can set up an installment plan to make it easier for the IRS to pay.
This story was updated on 6/16/20 to adjust the due date of the estimated tax payments. The deadline is July 15th for payments for the second quarter, not the first quarter.