This year's average refund is more than $3,200, according to the latest IRS data. So if you hold off until October 17 to file, you won't get the refund until about three weeks after that date based on the IRS' assessment that most taxpayers receive their refund within 21 days of filing. If it turns out the IRS owes you money, you'll have to wait until after the IRS processes your tax return for the refund. But it will be less painful to face an underpayment penalty for $1,000 rather than the entire $11,000 that you owe, Bronnenkant noted. "Don't let perfect be the enemy of good enough."įor instance, if you estimate that you owe $10,000 but end up actually owing $11,000, you'll be charged an underpayment penalty. "If your prior year is a good barometer for your current year, start with that as a way to come up with some sort of reasonable estimate," Bronnenkant said. That may be difficult for people who haven't yet filled out their tax returns, but it's best to make a good-faith estimate. The IRS expects people to make an effort to pay what they owe, Betterment's Bronnenkant said. That's right - getting an extension to file your tax return doesn't give you an extension on paying what you owe the government. citizens and resident aliens working abroad also have until June 15 to file their returns and pay taxes due, although any unpaid taxes will accrue interest at the rate of 4%, componded daily, after April 18. A list of designated combat zones is here. They have at least 180 days, or about six months, after they leave the combat zone to file their tax returns and pay any tax due, the IRS notes. This extension is granted automatically to addresses within a federally declared disaster area- there's no need to get in touch with the IRS to ask for an extension.Īlso, military service members or support personnel in combat zones have more time to file. Victims of severe storms, flooding and landslides in Puerto Rico that began on February have until June 15 to file and pay. This year, victims of the December 2021 tornadoes and flooding in Arkansas, Illinois, Kentucky and Tennessee, as well as victims of the December wildfires in Colorado, have until May 16, 2022, to file their 2021 returns and pay any tax due. In the U.S., victims of natural disasters typically get more time to file taxes automatically. Can I get more time to file without asking for an extension?
#Taxes due date free#
Typically, only people with adjusted gross income below $73,000 can use the Free File service, but anyone can use it to ask for an extension, the IRS said. This form can also be used through the IRS' Free File service, and can be used regardless of income.
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