OT: Tax Filing Deadline Moved From April 15 to July 15
- Thread starter Morrischiano
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Keep in mind that New Jersey is extending only to June 30th and I would not be surprised to see NY extend to 5/31. Those are the fiscal year end dates for each state and the states need these tax payments in the current fiscal year.
Correction - NYS's fiscal year end is not 5/31 but 3/31. So hopefully NYS will be able to adhere to the Fed's 7/15 deadline.
NYC has a 6/30 fiscal. Since NYC personal taxes are reported on the State form, NYC may have to go along with whatever the governor decides.
Correction - NYS's fiscal year end is not 5/31 but 3/31. So hopefully NYS will be able to adhere to the Fed's 7/15 deadline.
NYC has a 6/30 fiscal. Since NYC personal taxes are reported on the State form, NYC may have to go along with whatever the governor decides.
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That’s kind of a big deal most people will not realize. I’m sure a lot of people will just automatically think they can put the whole thing off for 3 months
And what about the people that are owed money? Why should they essentially be forced to pay more taxes than the rest?
Should only be viable if the market rebounds by than. Otherwise;
if you owe: special one time no penalty or tax due on IRA withdrawls. Straight deductions on medical equipment, supplies, etc without percentage rules. I'm sure there could be other categories too. This being such an unprecedented event, it requires a lot of consumer consideration by the powers to be. Don't know if anything will actually play out that way.
That may defeat the purpose of a stimulus, which is to put money into the hands of those who are most likely to spend it.
I promise to spend it. Eyeing up the the new C8 or other toys I’ve been thinking about.
I already filed and have to pay a couple k. It's supposed to get auto withdrawn on 4/15. How do I change that to 7/15?
I don't see how you can, at least not through the IRS. Electronic filing is final, same as putting the check in the mail. The only way to change it is by filing a 1040-X amendment. However, debit payment date is not an entry that can be changed via 1040-X.
I suppose (although I am not sure) that you could contact your bank and stop the auto-debit, similar to stopping a check. You could then wait for the IRS to send you a letter asking where's their money, which they doubtless would. This would surely annoy them, and their annoyance could be transmitted to you. I guess this gambit depends on your degree of risk aversion. I wouldn't recommend it.
UPDATE: The IRS has announced that you CAN cancel a direct debit:
- Call 888-353-4537 at least two business days before the debit date.
- Then by 7/15, print out and complete a 1040-V payment voucher, and mail it to the IRS along with the check.
Hey Lou, where did you see that about Jersey? I just went online to the tax site to see about estimated Q1 Payments and it shows everything is still due on 4/15 for Jersey?
I just spoke to another guy in the business and he said it hadn't officiallly changed.
Thanks, love to see that info so I can cancel the scheduled payment I just set up.
NY and CA have extended to July 15. NJ has not yet done so, still April 15. However in a presser last week, Gov. Murphy said an extension is expected.
https://www.usatoday.com/story/money/2020/03/30/taxes-2020-when-my-state-taxes-due/2925791001/
The other guy is right, it has not yet changed.
It will change but I think the issue over the 6/30 fiscal year end is causing a problem. The state can't roll a deficit forward and that is what probably would happen if they align with the IRS and extend to 7/15. A lot of money budgeted for the current year would get collected in the next year. A resolution should be coming in the next few days
Thanks sir! Appreciate the validation and hope to see some news. I think I'll leave the estimated payment scheduled and push it IF things become official vs. cancel it in hopes.
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