File 2020 taxes before extension deadline to avoid penalty

National

FILE – This Wednesday, Feb. 13, 2019 file photo shows part of a 1040 federal tax form printed from the Internal Revenue Service website. On Friday, Aug. 21, 2020, The Associated Press reported on stories circulating online incorrectly asserting that Democratic presidential candidate Joe Biden’s tax rate on a family making $75,000 dollars a year would go from 12% to 25%. A current federal tax rate of 12% applies to families making up to $80,000, or individuals making up to $40,000. That would still apply under Biden, who has vowed publicly not to raise taxes on anyone making less than $400,000. (Associated Press)

JEFFERSON CITY, Mo. – The IRS is reminding Missouri taxpayers about the upcoming deadline to file 2020 returns. They say 247,000 Missourians asked to file an extension. They should file by October 15, 2021, to avoid a penalty.

If you are due a refund then there is likely no penalty to file your taxes. But, if you wait too long then you may lose it. The IRS is urging people to file electronically to the money can be automatically deposited into a bank account.

Anyone earning less than $72,000 a year is eligible to file their taxes for free. You can access that service here.

Millions of American families are receiving Child Tax Credit payments. The payments continue through the end of the year. For those who haven’t received the payments but believe they are eligible for them, they can request a trace through the IRS.

If you have filed an extension for 2020 tax returns then the IRS is using the previous year’s tax information to determine the credit amount. File your taxes by the extension deadline to claim the birth of a child in 2020. The IRS will then calculate the credit based on the 2020 return and pay it out in full over the remaining months in 2021.

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