Coronavirus Tax Deadline: Less Than 20% Will Take Advantage; Perceived As More Helpful Than It Probably IsCOVID-19
The IRS has recently changed the 2019 tax deadline to July 15, 2020.
In light of this change, Money Done Right worked with Google Consumer Surveys to survey 1,000 American adults to learn:
- how helpful this deadline change will be to the average American and
- how helpful this deadline change is perceived to be to the average American.
How Helpful Is the Deadline Change?
For most Americans, the tax deadline change may not be helpful at all.
Less Than 20% Taking Advantage of Change
In fact, only 19.5% of respondents said that they would file their tax return later than usual in light of the tax deadline change.
This means that over 80% of Americans have either already filed their tax return or are not going to take advantage of the new deadline.
This Is Probably a Good Thing
To be frank, the fact that less than 20% of Americans play on delaying their tax filings to July 15 is probably a good thing.
Yes, the federal government has finally kicked things into gear and is beefing up its response to the COVID-19 crisis, but of course it’s very possible that the situation could become worse than it is today and that tax refunds for everyday Americans could become significantly delayed.
So if you like your money in your pockets — because your money is exactly what a tax refund is — rather than in Uncle Sam’s pockets, file your return as soon as you can and get that refund.
Helpful for Some
That said, for many Americans who have an outstanding tax liability and may not have the cash on-hand to pay it due to the current crisis, having until July 15 to pay their balance can be extremely helpful.
How Helpful Is the Deadline Change Perceived to Be?
Based on our research presented above, the tax deadline change may not be helpful to most Americans.
However, what surprised us was that the majority of Americans believe the tax deadline change to be helpful.
We asked 1,000 Americans how helpful they believe the tax deadline extension to be for the average American, and 79.9% stated that the deadline change is helpful to some degree, with over 40% stating that the change is “extremely helpful” or “very helpful” to the average American.
A Selfless American Public?
Of course, this could also be a sign of selflessness on the part of the American public.
While less than 20% of Americans state that they will take advantage of the new deadline, the vast majority believe that this deadline change is helpful to the average American.
This is perhaps signaling that Americans are thinking more broadly about the good of their fellow citizens rather than just about whether or not this change benefits them personally.
Frequently Asked Questions
Here are some frequently asked questions about the coronavirus tax deadline change.
What is the new tax deadline?
The new tax deadline is July 15, 2020, for 2019 individual tax returns.
Do I have to file an extension to take advantage of the new deadline?
No. The deadline extension is automatic. However, if you need until October 15 to file your tax return, you should file Form 4868, as you can in any normal year.
However, keep in mind that extending your tax return deadline until October 15 does not extend your 2019 tax balance due deadline to October 15; you would still have to pay your balance due by July 15, the extended payment deadline.
Are estimated tax payments pushed back as well?
Yes, first quarter 2020 estimated tax payments — which were previously due April 15, 2020 — are now due July 15, 2020.
However, second quarter 2020 estimated tax payments are still due on their original due date of June 15, 2020.
I scheduled my 2019 tax payment to be withdrawn on April 15. Can I change the date to July 15 now?
Yes, you can, but you will need to contact the U.S. Treasury Department at 888-353-4537 to receive instructions on how to do this for your situation as it depends on how you scheduled your tax payment.
Have states extended their tax deadlines as well?
The fact that the IRS has extended the federal tax deadline has no bearing on states and their respective tax deadlines.
Some have proactively changed their tax deadline to match with the federal deadline, and some haven’t.
Below is a chart of the 2019 individual tax filing and tax payment deadlines in the states as of March 26, 2020.
|State Name||COVID-19 Deadline Conformity|
|Alabama||July 15, 2020|
|Alaska||No personal income tax|
|Arizona||July 15, 2020|
|Arkansas||July 15, 2020|
|California||July 15, 2020|
|Colorado||July 15, 2020|
|Connecticut||July 15, 2020|
|Delaware||July 15, 2020|
|District of Columbia||July 15, 2020|
|Florida||No personal income tax|
|Georgia||July 15, 2020|
|Hawaii||July 20, 2020|
|Idaho||June 15, 2020|
|Illinois||July 15, 2020|
|Indiana||July 15, 2020|
|Iowa||July 31, 2020|
|Kansas||July 15, 2020|
|Kentucky||July 15, 2020, but interest still accrues|
|Louisiana||July 15, 2020|
|Maine||April 15, 2020|
|Maryland||July 15, 2020|
|Massachusetts||April 15, 2020|
|Michigan||April 15, 2020|
|Minnesota||July 15, 2020|
|Mississippi||May 15, 2020|
|Missouri||July 15, 2020|
|Montana||July 15, 2020|
|Nebraska||July 15, 2020|
|Nevada||No personal income tax|
|New Hampshire||April 15, 2020|
|New Jersey||April 15, 2020|
|New Mexico||July 15, 2020, but interest still accrues|
|New York||April 15, 2020|
|North Carolina||July 15, 2020, but interest still accrues|
|North Dakota||July 15, 2020|
|Ohio||April 15, 2020|
|Oklahoma||July 15, 2020|
|Oregon||July 15, 2020|
|Pennsylvania||July 15, 2020|
|Rhode Island||July 15, 2020|
|South Carolina||July 15, 2020|
|South Dakota||No personal income tax|
|Tennessee||No personal income tax; Hall tax deadlines remain April 15, 2020|
|Texas||No personal income tax|
|Utah||April 15, 2020|
|Vermont||July 15, 2020|
|Virginia||May 1, 2020 for tax return; June 1, 2020 for payment; interest still accrues|
|Washington||No personal income tax|
|West Virginia||April 15, 2020|
|Wisconsin||July 15, 2020|
|Wyoming||No personal income tax|
Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.