Government response to COVID-19 gives taxpayers three extra months to file and pay 2019 income taxes.

Who would have thought that we’d be nostalgic for an April 15 Tax Day? Unfortunately, COVID-19 has disrupted our lives at every level, including our income taxes. Here’s what you need to know for your 2019 income taxes.

Federal filing and payment deadlines delayed until July 15

Federal income filings and tax payments are now due July 15, 2020.

You do not need to file any additional forms or call the IRS to qualify for this extended deadline. It applies to all taxpayers.

If you are due a refund, the IRS urges you to file as soon as possible. Electronic filing with direct deposit is the quickest way to get refunds. If you owe taxes, you get an extra three months to pay your 2019 federal income taxes.

Resource for the most recent federal income tax info: IRS Coronavirus Tax Relief

State and city tax deadlines also pushed back

Per an Executive Order by Governor Whitmer, “state of Michigan and city of Detroit income tax returns and payments due on April 15 are now due before midnight on July 15. Other state of Michigan cities with income taxes due on April 15 will now be due on July 15, while cities with income taxes due on April 30 will now be due on July 31.”

Resource for the most recent state tax info: Michigan Department of Treasury

5 Tell-tale signs of tax scams
Scammers who impersonate IRS officials use phone, email and text tactics to cheat people out of their money. Keep your guard up. The IRS will never:

• Call to demand immediate payment over the phone, nor will the agency call about taxes owed without first having mailed you several bills.
• Call or email you to verify your identity by asking for personal and financial information.
• Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
• Require you to use a specific payment method for your taxes, such as a prepaid debit card.
• Ask for credit or debit card numbers over the phone or email.
• Threaten to immediately bring in local police or other law enforcement groups to have you arrested for not paying.

If you receive a call from someone claiming to be from the IRS and demanding money or asking to verify your identity, do not give out any information. Hang up immediately.

Additional changes to some rules because of the CARES Act

Members who have IRAs with us would typically receive their tax contribution forms for the year, Form 5498 or 5498-SA, in late April through the mail. This mailing has since been extended to come out in July.

Additionally, the required minimum distribution (RMD) has been waived this year for retirement plan participants, IRA owners and their beneficiaries in most cases. For complete details or to see how this might affect your retirement plans, please consult your financial advisor or tax professional.

Consumers provides banking services for more than 100,000 members. If you have banking questions, call us at 800-991-2221. We make it easy to bank how you want, when you want. During the coronavirus confinement, we’re available online, by phone and by appointment at select offices equipped to maximize safety.

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