What Wisconsinites need to know about the tax filing extension

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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)

(WFRV) – The IRS has announced that federal income tax filings and payment due date for individuals for the 2020 tax year will be extended from April 15 to May 17, so what does that mean for Wisconsinites?

In this situation, people do not have to file any extension forms to be eligible for the new due date and between April 15 and May 17, no interest or penalties will accrue. However, interest and late filing fees will apply starting May 18.

No underpayment interest will apply for failure to make quarterly estimated individual income tax payments for the 2020 tax year.

The extension is only for 2020 individual income tax returns and payments that are normally due on April 15, it does not apply to 2021 estimated tax payments for individuals, the first payment which is April 15 or any other returns or tax payments due to the Department of Revenue.

Department of Revenue Secretary Peter Barca had this to say about Wisconsin taxpayers, “Roughly, half of all taxpayers in Wisconsin have already filed their tax returns, and most have received refunds, on average over $800. We are still processing returns and issuing refunds and other credits that Wisconsinites rely on such as the Homestead Credit and Earned Income Tax Credit.” 

You can find more services and assistance on the Wisconsin Department of Revenue website or by calling (608) 266‑2772.

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