Know Your 2022 Tax Deadlines: Is an Extension in the Cards?
Tax return deadlines had to be extended by the IRS in 2020 and 2021 due to the pandemic. Will the tax deadline be extended in 2022?
The U.S. 2022 tax season started on Jan. 24, and the deadline for filing taxes is April 18. Will the tax deadline be extended in 2022?
The deadline for the current tax season was pushed from April 15 to April 18 due to Emancipation Day. Taxpayers in Maine and Massachusetts, however, will be able to submit their taxes until April 19 due to the observance of Patriot’s Day on April 18 in those states.
Will the tax deadline be extended in 2022?
The IRS had to postpone tax filing dates and payment deadlines in 2020 and 2021 due to the COVID-19 pandemic. For 2022, though, it seems the agency is sticking to its normal tax due dates.
Before the start of the tax season, IRS commissioner Charles Rettig stated that there's no intention to push back the deadline. However, he maintained that it depends on how the tax season goes, adding, “We don’t make that decision lightly either to extend it or not extend it. We share the same concerns everybody else has. We listen to a lot of people and we make a decision that we believe is best for the country.”
The IRS has extended the tax filing date to May 16, 2022, for victims of winter storms in Tennessee, Illinois, and Kentucky, and victims of winter wildfires and winds in Colorado.
When are the state tax return deadlines?
Altogether, 41 U.S. states collect income taxes, and most of them are following the April 18 deadline. The exceptions are as follows:
Iowa: April 30
Louisiana: May 15
Maine: April 19
Massachusetts: April 19
Virginia: May 2
The penalty for filing tax returns late
The standard penalty for filing your annual tax return late is 5 percent of the amount due for each month or part of a month your return is late. If you pay your taxes late, the monthly penalty is 0.5 percent of the unpaid amount, up to 25 percent of what you owe, plus interest on the unpaid taxes. By filing late, you could also miss out on valuable tax breaks.
An automatic six-month extension
Taxpayers can also request an extension to file their returns by April 18 (or April 19 depending on your location). If the extension is granted, you'll have until Oct. 17, 2022, to file your return. However, note that an extension to file your return doesn't extend the time to pay your taxes. You should still estimate and pay any owed taxes by your regular deadline to avoid penalties.
Every state has its own tax extension requirements. Some (Alabama, California, and Wisconsin) offer automatic six-month extensions to all taxpayers. Others require you to fill out a form on or before your return’s original due date. Individual tax filers, regardless of their income, can use IRS’s Free File to electronically request a tax-filing extension.