Has Colorado's Tax Deadline Been Extended For 2021?

Individual taxpayers are getting a little relief for filing returns and making any payments.

The Internal Revenue Service said Wednesday the due date for the 2020 tax year for individuals was being moved by around a month: from April 15 to May 17. The agency said it would provide formal guidance in the coming days.

The Colorado Department of Revenue announced Thursday that it will also extend the individual income tax payment and filing deadline to May 17.

"This extension will help provide much needed relief for every Coloradan who has felt the significant financial impacts of this global pandemic," Gov. Jared Polis said in a statement.

"Though we can see the light at the end of the tunnel, we know that many Coloradans are still working to get back on their feet, and this extra time to file is welcome relief."

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Here's what else the IRS and Colorado Department of Revenue said taxpayers need to know about the extended deadline:

• Taxpayers can postpone federal income tax payments that would be due April 15 to May 17 without any penalties or interest regardless of the amount owed
• The postponement is for individual taxpayers, including those who pay self-employment tax
• Penalties or interest in unpaid balances will begin to accrue May 17
• Taxes paid by May 17 will automatically avoid interests and penalties
• Taxpayers will automatically qualify for this relief and don't need to file any forms

Anyone who needs an extension beyond May 17 can file to request an extension until October 15 but any taxes due would still need to be paid by May 17.

The agency also clarified that the extension doesn't extend to estimated tax payments; the money withheld in paychecks or the estimated tax payments people make if their income isn't withheld automatically.