/What to Know Before the May 17 Tax Deadline

What to Know Before the May 17 Tax Deadline

The due date to file your taxes is only days away after the IRS extended the deadline due to the Coronavirus pandemic. Have you filed your taxes or are you still waiting?

Taxpayers can request an extension to Oct. 15

If you haven’t filed your taxes yet, don’t worry — there’s still time to request an extension to Oct. 15. If you’re an individual, you can file for an extension online by filling out Form 4868 using the IRS’s “Free File” tool. The form requires an estimate of your tax liability.

There’s still time to contribute to your IRA

The deadline for Americans to make contributions to their IRA for 2020 is May 17. The maximum annual contribution for traditional and Roth IRAs for most Americans is $6,000. If you’re over the age of 50, you can add an additional $1,000.

Your refund might be delayed 

The IRS is holding more than 29 million tax returns for manual processing, delaying refunds for many low-income Americans, according to its internal watchdog.

As one would expect, IRS employees are stretched thin working through the manual processing of these returns,” National Taxpayer Advocate Erin Collins wrote in a recent blog post. “So if a taxpayer’s return is pulled for manual processing, there will be delays.”

Keep reading at Fox Business for more.