Tax Deadlines Extended Due to Coronavirus

The IRS has announced extensions to federal tax filing and payment deadlines to help individuals and businesses better manage the uncertainty surrounding the COVID-19 pandemic. Here's what you need to know.
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*By Charles Schwab & Co., Inc. 

Federal tax return filings and payments are now due on July 15. The deadline for filing federal income tax returns (or tax return extensions) for the 2019 tax year has been extended by 90 days and must now be filed by July 15. Estimated tax payments for 2020 that are usually due on April 15 have also been delayed until July 15.

If you’re due a refund, don’t delay in filing your federal tax return. The sooner you file, the sooner you’ll get your refund. To get it even more quickly, the IRS advises that you file electronically and select a direct deposit to your bank account.

The deadline for IRA contributions has been extended. Contributions to IRA accounts for the 2019 tax year that would have been due April 15 can now be made until July 15. For more details on IRA contribution rules, see IRS Publication 590-A.

Read the full article and learn about additional extensions on Schwab.com.

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