The deadline is approaching for more than 160,000 Connecticut residents who asked for an extension on their 2020 tax returns.
The Internal Revenue Service is reminding these taxpayers that the deadline to file is Oct. 15.
According to the IRS, an estimated 162,000 Connecticut residents asked for an extension and should file on or before the deadline to avoid the penalty for filing late. They are urging taxpayers to file electronically to avoid delays and speed the processing of a return.
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WHO HAS EXTRA TIME TO FILE TAX RETURNS
While Oct. 15 is the last day for most people to file, IRS Spokesperson Michael Devine said some taxpayers might have more time.
He said members of the military and others serving in a combat zone normally have 180 days after they leave the combat zone to file and pay any taxes due.
Taxpayers in federally declared disaster areas who already had valid extensions may have their deadline extended, he added.
IF YOU EXPECTING A REFUND
The IRS said there is usually no penalty for failure to file if the taxpayer is due a refund. However, if you wait too long to file and claim a refund, you risk losing it altogether.
The IRS said taxpayers can use direct deposit to deposit their refund into one, two, or even three accounts.
IRS FREE FILE
IRS Free File is available in English and Spanish, so taxpayers who earned $72,000 or less in 2020 can file this way and claim credits like the Recovery Rebate Credit, Advanced Child Tax Credit.
For those with an income above $72,000, learn about free electronic forms here.
FEDERAL TAX PAYMENTS
Taxpayers can file now and schedule their federal tax payments up to the Oct. 15 due date. The IRS recommends electronic payment options.
WHAT TO KNOW ABOUT CHILD TAX CREDIT PAYMENTS
The IRS monthly advance Child Tax Credit payments represent half of the increased Child Tax Credit from the American Rescue Plan and will continue through the end of the year. Those who are eligible to file and have their 2020 return processed on or before Nov. 1, might be eligible for two payments of half the credit in 2021, according to the IRS.
People who file and have their return processed on or before Nov. 29, might be eligible for one payment.