Treasury Secretary Steven Mnuchin announced on Friday that Tax Day, April 15, has been moved to July 15.
What does that mean for taxpayers?
Here’s how this will work:
- You can file your federal taxes anytime between now and July 15.
- If you are getting a tax refund, which more than 70% of Americans do, you can still file your taxes now and get your money. And the Treasury Secretary is actually encouraging that.
- If you owe the government money, you’ll have until mid-July to pay it. The thinking here is that this will keep money in people’s pockets for longer.
A few caveats:
- This only applies to federal tax returns. Whether you still have to file your state and local taxes by April 15 depends on where you live.
- The clinics where you can go to get your taxes done for free are closed now, because of social distancing guidelines. People who rely on those clinics are often eligible to use free online software to file instead. But not everyone is able to do that.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.