In order to file their income tax returns for the previous year, taxpayers in the US must do so in April. Tax return filing deadlines are typically April 15th, although they can be extended to October 15th upon request. The federal income tax return, often known as Form 1040, is the tax document that is due in April. Taxpayers submit this form to the Internal Revenue Service (IRS) in order to report their income, deductions, and credits.
According to the IRS, the tax filing due for 2021 will be on May 17th, which is one month later than the typical April 15th date. owing to the ongoing COVID-19 outbreak, this modification was made to provide taxpayers with extra time to complete their returns and pay any taxes that may be owing. Taxpayers who require further time to file their forms may, nonetheless, ask for an extension until October 15th; however, in order to avoid penalties and interest, they must still make any tax payments due by May 17th. Iowa and the Federal Extension Service
Taxpayers who ask for a filing extension for their federal income tax return until October 15th will also have until October 15th to file their Iowa income tax return since Iowa follows the federal extension. To avoid fines and interest, those who owe taxes must submit payment by the deadline of May 17. Taxes and Stimulus Checks
The federal government’s stimulus payments from 2020 and 2021 are not taxable income. As a result, taxpayers are exempt from including them as income on their federal income tax filings. A taxpayer may be entitled to claim a Recovery Rebate Credit for any portion of their stimulus payment that was not received if they filed their taxes in 2020 or 2021 and did not receive the full amount allocable to them. Iowa and the taxation of stimulus payments
Taxpayers do not need to report stimulus cheques on their Iowa income tax forms because Iowa does not tax them as income. However, a taxpayer could need to amend their Iowa income tax return if they claimed the Recovery Rebate Credit on their federal income tax return.
The federal income tax return, which is typically due on April 15 but has been extended to May 17 for 2021, is the tax form that is due in April. If you owe taxes in Iowa, you must pay them by the May 17th deadline to avoid penalties and interest. Iowa follows the federal extension. The federal government and the state of Iowa do not require reporting of stimulus cheques as they are not considered taxable income. Although stimulus payments are not considered income in Iowa, taxpayers who claimed the Recovery Rebate Credit on their federal income tax return may need to make the appropriate adjustments on their Iowa income tax return.