
Treasury and IRS to delay tax season deadline by 90 days - toomuchtodo
https://www.cnbc.com/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html
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mech1234
Take note that your state of residence may or may not have done the same.

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macintux
Tangential at best, but I’m very curious what will happen with the U.S.
census. I can’t imagine the completion rate will be particularly high, and
will census workers still be going door to door?

Presidential election year, census year, and of course complete economic
shutdown makes this fascinating, setting aside the massive human tragedy.

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toomuchtodo
The Census is sending multiple pieces of mail with information and a key to
complete the census online; only after multiple mailings with no response will
a census taker be sent to someone's door.

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apple4ever
I did the online version and it was exceedingly easy.

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dragontamer
Same here. It was the shortest Census form I can remember.

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geerlingguy
When did you get the form? I still haven't received anything, but I thought
they were sent out earlier this month.

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apple4ever
I got mine yesterday. It was dated March 12th. I got a notice about it dated
March 16th. I think they were having some issues mailing them out.

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blissofbeing
I'm not clear on the details, is this a 90 extension on the filing due date,
or is the filing due date still 4/15 with a 90 day extension on taxes due?

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yebyen
> “We encourage those Americans who can file their taxes to continue to file
> their taxes on April 15,” Mnuchin said. “Because for many Americans, you
> will get tax refunds.”

~~Seems pretty clear to me,~~ ~~the deadline for filing~~ and deadline to pay
are both extended by 90 days.

Edit: Sorry, you're right, it's not clear. Others in the thread seem to
disagree that the filing deadline has been moved or not. This was how I read
it.

If I have updated my understanding correctly now based on reading more of the
supporting materials, it looks like you can file late without a penalty if
your state agrees, based on a declared state of emergency, but that you are
still encouraged to file on-time if you can. Only for payments, are they
saying broadly that no penalties or interest will be assessed, if you owe
money on your federal return, (which is as much power as the treasury probably
has.)

California for example has one of the most detailed set of guidance by state
in this document. My state of Indiana is saying they will follow the federal
government's lead.

[https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloa...](https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-
state-filing-relief.pdf)

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Johnny555
It's not clear at all.

The article could be read in a way that supports automatic extension of the
filing deadline, but the announcement was very specific that it applies to the
payment deadline:

 _Treasury Secretary Steven Mnuchin on Tuesday said that individuals will be
able to defer up to $1 million in tax payments to the IRS for 90 days in light
of the coronavirus outbreak._

Without interest and penalties, filing late is probably meaningless, but still
it would have been nice if they clearly stated that the filing deadline was
postponed as well.

Of course, it would have been nice if they'd have planned this out in their
contingency planning weeks ago and had a detailed announcement ready to post
on irs.gov, but no one in government knew that a pandemic could turn into a
bad thing. Aside from the government epidemiologists who have been warning
about this all along, but they're just scientists, so what do they know!?

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danielcampos93
Does anyone know how to change Turbotax to pay 90 days later? I had set it up
to pay what I owe on 04/14 and want to push it back to 07/14

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jldugger
Heh same question. [https://ttlc.intuit.com/community/after-you-
file/discussion/...](https://ttlc.intuit.com/community/after-you-
file/discussion/can-i-change-the-payment-date-for-my-taxes/00/776137) is not
encouraging.

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i-know
What about the estimated taxes that are due in April? Can they also be made
late? If you don't know your 2019 taxes, you can't use the safe harbor of
using 100% (or 110%) of your 2019 taxes as your 2020 estimate.

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garmaine
What about prior year contributions? Those normally have an April 15th
deadline too.

I’m not sure how much I’m going to contribute until I finish my taxes and run
the numbers.

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toomuchtodo
I would still plan on making any contributions to tax sheltered retirement
accounts by the April 15th deadline until the Treasury and IRS state
otherwise.

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garmaine
The point is I don't know if it is financially a good idea or not (because:
reasons) until I finish my taxes. So no extension for me :(

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toomuchtodo
You can file for the extension without filing your taxes. If it is a Roth IRA,
you can remove the contributions at anytime penalty free (if you decide you
didn't want to contribute the full $6000 amount for 2019). If it's a
traditional IRA contribution, there is some complexity unfortunately. Also
some complexity if you're at an income level where you're doing a "backdoor
Roth", where you fully fund the IRA and then immediately convert to a Roth.

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garmaine
In my case it's a SEP-IRA, which makes it significantly more complex. But the
other factor is that for cashflow reasons I'd have to sell assets to make the
contribution and take the capital gains tax (or maybe a loss... ugh) on that
sale, which can't be reversed later. As to whether this makes financial sense,
it depends on if I have an underpayment penalty, which I'd have to finish my
taxes to figure out...

So yeah, it's complicated. For reasons.

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toomuchtodo
Edge cases suck. Sorry.

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teilo
The article summary contradicts the article:

"Ordinarily, individual income taxpayers must submit their 2019 tax returns
and pay amounts owed by April 15."

In fact, it says that if you are owed a refund you shouldn't delay filing. The
whole point is that you don't have to file or pay for another 90 days.

EDIT: No it doesn't. Missed the "Ordinarily"

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chrisweekly
Where's the contradiction?

Ordinarily: have to file and pay by April 15

News: ok to take up to 90 extra days to file and pay

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teilo
Thank you. Amazing how I can read that multiple times, and still miss the
first word. My brain is frazzled from dealing with an endless stream of
emergency VPN, call forwarding, remote access, "how do I use Google Meet"
requests.

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toomuchtodo
Take some time for self care if you can.

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dhosek
Interest-free loans of up to 10 million for corporations!

