FRANKFORT, Ky. (March 18, 2021)–At the direction of Gov. Andy Beshear, the Kentucky Department of Revenue will extend the 2020 Kentucky individual income tax filing deadline to May 17, 2021.
This extension follows the income tax relief provisions issued March 17 by the federal Internal Revenue Service in response to delays and disruptions caused by the ongoing response to the novel coronavirus worldwide health pandemic. Individual taxpayers can also postpone Kentucky individual income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers only. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17. This relief does not apply to 2021 estimated tax payments that are due on April 15, 2021.
Individual taxpayers do not need to file any forms or call the Kentucky Department of Revenue to qualify for this automatic individual income tax filing and payment relief. Individual taxpayers who need additional time to file beyond the May 17 deadline can request a Kentucky filing extension until Oct. 15 by filing Kentucky Form 740EXT. Filing Form 740EXT gives individual taxpayers until October 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. Taxpayers should pay their Kentucky income tax due by May 17, 2021, to avoid interest and penalties.
“As Kentucky families and businesses continue to faithfully follow public health guidance to help reduce the spread of the coronavirus while many are also recovering from widespread natural disasters that have impacted the Commonwealth over the last month, I am pleased to grant some extra time to prepare, file and pay state taxes,” Gov. Beshear said. “Families who are expecting a refund can be assured that our Department of Revenue staff are diligently working to swiftly process returns and get those dollars back to Kentuckians as quickly as possible.”
Individual income tax 2021 estimated payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the Kentucky Department of Revenue by people whose income isn’t subject to income tax withholding. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the Kentucky Department of Revenue by their employer.
Kentucky’s tax filing relief applies only to individual income taxes that normally would be due April 15, 2021. It does not apply to corporation income tax, limited liability entity tax, withholding tax, sales and use tax, or other types of state taxes.
Additional guidance on Kentucky’s income tax deadline extension soon will be available on DOR’s website.
Read more of the latest headline news: https://adairvoice.com