RICHMOND, Va. (WRIC) — Federal and state income tax filings and payments are due Monday.
The Treasury Department and the IRS extended the deadline in March due to the pandemic.
However, if you can’t file by the due date, you can file for a free 5-month extension. To do so, submit a form 4868 to the IRS by May 17th and the due date will be pushed back to October 15th.
If you chose this route, it’s important to understand that this does not excuse you from paying owed money to the IRS. You must still pay any remaining taxes owed on your 2020 income by May 17, if you want to avoid a potential late fee.
Tax experts tell 8news, that late fee is generally around $423. This extension also means it will take longer to receive your refund.
For Virginians who have already filed and may be wondering where their refund is, tax experts say to be patient. Because of tax law changes and stimulus checks, the IRS is overwhelmed with backlogs and it may take a bit longer.
You can track if your refund is being processed with the IRS tool “Where’s my Refund.”