Coronavirus: Taxes in July Part One

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 27 June 2020

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Yes, we're officially in the summer months, and for millions of Americans, thanks to the coronavirus, the early summer weeks will include preparing and paying taxes. Because of the pandemic’s timing and impact, the IRS delayed the tax-filing and payment deadlines from April 15th to July 15th. The agency also moved back Q2 quarterly estimates, which would have been due on June 15th, to July 15th. To help us break down all the ins and outs of this "new" tax season, we're joined by Ed Slott, the ultimate tax guru and founder of IRA Help. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Coronavirus Market Update. It is Saturday, June 27th.
0:11.4	And for some of you you this could be an unpleasant weekend because some of you
0:17.8	have not yet filed your tax returns and some of you may find that this is not going to be a
0:25.9	particularly fun time to do it. It's so much better to do your taxes in March
0:30.6	when the weather stinks than June July when it's nice out.
0:35.0	If you need help, we've got a perfect guest for you.
0:39.0	He is a returning guest Ed slot.
0:43.0	He is a retirement and IRA expert.
0:46.0	Ed has been on the program many times.
0:49.0	His website is IRAHelp.com
0:52.0	and Ed isn't it weird for you to be talking about taxes for a July 15th deadline, right? Surreal.
1:01.0	I know it's like going to summer school.
1:03.5	It's awful, isn't it?
1:04.8	And I just pulled up some of the data from the IRS
1:09.7	and it looks like the number of returns received is down by about 5% from a year ago and
1:16.5	processed down 12% although the refund is still at about almost 2,800 bucks. So if you have not filed your returns, what do you need to know right now, Ed?
1:28.0	Well, you're not late because they changed the due date from April 15th to July 15th. But as you said, can you
1:36.7	imagine July 4th weekend working on your taxes? It is surreal, like we've never
1:42.2	seen that before. so the actual due date is
1:46.4	July 15 some people think that's an extended due date it isn't it's the actual
1:52.4	due date. The extended due date still stays at
1:56.7	October 15. So if you can't file by July or you're just too busy at the beach or
	...

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