Filing deadline approaches for taxpayers with extensions

The Internal Revenue Service is reminding taxpayers about the upcoming Oct. 15 due date to file 2020 tax returns.

An estimated 247,000 Missouri residents asked for an extension and should file on or before the deadline to avoid the penalty for filing late. To avoid delays and speed the processing of their returns, the IRS urges everyone to file electronically.

"While Oct. 15 is the last day for most people to file, some taxpayers may have more time," IRS spokesperson Michael Devine said. "Members of the military and others serving in a combat zone normally have 180 days after they leave the combat zone to file and pay any taxes due."

Devine also said taxpayers in federally declared disaster areas who already had valid extensions may have their deadline extended. For details, see the disaster relief page on IRS.gov.

There is usually no penalty for failure to file if the taxpayer is due a refund. However, people who wait too long to file and claim a refund, risk losing it altogether.

The safest and fastest way for people to get a refund is to file electronically and have the refund electronically deposited into a bank or other financial account.

IRS Free File is still available in English and Spanish, giving taxpayers who earned $72,000 or less in 2020 a way to file and claim credits like the Recovery Rebate Credit, Advanced Child Tax Credit.

The Free File Fillable Forms, the electronic version of IRS paper forms, are also available for people comfortable preparing their own taxes.