Taxpayer asks:
Is the 1st 2020 quarterly still due on April 15? This means selling securities in a down market to cover that. What’s official? What’s your take?
Taxgirl says:
No, estimated payments are no longer due on April 15, 2020.
As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, the Internal Revenue Service (IRS) has issued guidance about payment relief – waiving penalty and interest on payments previously due on April 15, 2020. The guidance made clear that relief includes estimated tax payments for the tax year 2020 that are due on April 15, 2020. You can read more FAQs about payment relief in this piece.
It’s worth noting that the current Senate proposal would push all estimated tax payments to October 15, 2020. That is not yet law but it is being considered. You can find out more about the Senate bill here.
Finally, in case you didn’t see it, the filing deadline has (finally!) been pushed to July 15, 2020.
Before you go: be sure to read my disclaimer. Remember, I’m a lawyer and we love disclaimers.
If you have a question, here’s how to Ask The Taxgirl.
Hi
Do we know what happens with 2020 June 15 Tax Estimates
Why not double up on July 15 to cover June and April??
I think it’s a crazy result but I think that June estimates remain in place.
The Senate bill would extend all estimates to October: https://www.forbes.com/sites/kellyphillipserb/2020/03/20/crowded-senate-bill-includes-tax-relief-small-biz-help-checks–student-loan-deferrals-in-response-to-coronavirus/#1d05ec397ef1
Does the stimulus include people receiving social security, disability, or retirement?
It depends on which package gets approved. I’ll update you when I know more.
Hello. Thank you, finally, clear tax information. I just accidentally erased the entire comment I wrote. Ok, my do over.
I’m a 65 yo widow with only my federal qualified spouse annuity as my income. Personnel told me annuity is tax free. I don’t need to file tax returns.
Annuity is < $75k/year. I live in a major city and pay 75% of my monthly income on rent (referred to as “rent burdened”. ). So, I’m on an extremely tight budget. I’m not eligible for government assistance. Rent is not considered to determine eligibility.
I’ve read many articles. It seems only people who are employed or unemployed and file income taxes are eligible.
My question is, will I receive $1200 from the Federal Stimulus Package (Covid).
Best wishes
You should be eligible but if you have not filed, you will likely need to file a return.
My mom became disable in 2019 but she did file for 2018. I check her status and it website said it was paid to a bank account, but the account number isn’t hers and she picked her check up from a tax preparer office but they are no longer operating. What can I do to find out what happened to her moneh?
You should receive a letter about the payment within 15 days after the payment is made. The letter will provide information about what to do if she didn’t receive her check.
I retired 12/31/2019. My income for 2018 and 2019 was above the $99,000 threshold . My retirement income is much lower, a small pension and SS. As a retiree, will I receive a stimulus check? Thank you.
You probably won’t get an automatic check but if you qualify for 2020, you can claim the credit next year and get your check (a little late, I know).