Retirees, Have You Filed Your Taxes Yet?

2016 is a bit different than years past, as the tax deadline is not on the typical April 15, but rather on the 18th of the month.

Thanks to Emancipation Day, a legal holiday in Washington, D.C., falling on Friday, the deadline was extended until the next business day.

However, despite the extra few days to complete taxes, the Associated Press expects millions of taxpayers have waited until the last moments yet again. “Millions of taxpayers face a midnight deadline Monday to file their tax returns, while millions of others will ask for more time – a six-month extension,” the AP’s Matthew Daly said.

According to the report, citing the IRS, 5+ million returns will possibly be filed as late as Monday, with a total of 150 million returns for the year. These estimations are based upon the total amount of expected returns for the year and the number of refunds already issued as of April 8 (coming in at only 82 million).

Notice For Older Americans

The IRS has put out information specifically for older American taxpayers, in hopes that retirees and seniors can have access to the assistance they need and avoid scams, which often target older adults. “The IRS urges taxpayers not to fall victim to tax scams,” stated the IRS, “If it sounds too good to be true, it probably is.”

That being said, the IRS has links to specific resources that are reputable. From free filing sites to tax assistants and free tax prep help, there is trusted help available

Free File

Even if you have waited until the last minute this year, you do not have to pay exorbitant amounts to meet the deadline.

Free File, a software recommended by the IRS is available year-round.

Source: IRS.gov

Keep in mind: The vast majority of forms and schedules you need to file federal income taxes are available for no cost.

VITA Or TCE Sites

For qualifying Americans, there are free tax services avaiable throughout communities.

VITA (Volunteer Income Tax Assistance) programs are offered for individuals making $54,000 or less, taxpayers with disabilities, or limited English proficiency individuals. VITA volunteers are IRS-certified.

Your nearest VITA site can be found by calling 800-906-9887.

TCE (Tax Counceling for the Elderly) programs provide free tax prep help for all taxpayers, but cater toward individuals over the age of 60. TCE volunteers are also IRS-certified, and they specialize in pension and retirement-related concerns.

Your nearest TCE site can be found by calling 888-227-7669.

The website irs.treasury.gov/freetaxprep/ can also help you locate tax preparation services in your area.

If You Need An Extension

Particularly for seniors, there are unique life situations that may cause you to need more time to complete your annual federal and state income taxes. From recent retirement to a spouse’s death, job loss to a new career, there are legitimate and unavoidable life events that can justify late filings.

While extensions can provide taxpayers more time to file, it does not grant any time extensions to pay liabilities.

In order to request an extension, you can e-file a request through Free File or submit Form 4868.

Other forms you may need include:

Source: IRS.gov

For assistance with late filings, you can call 1-800-829-1040 or 1-800-829-4059 (TTY/TDD).

If you find yourself having not paid your federal or state income taxes yet, don’t lose hope. You have until Monday to submit your returns or request an extension. Remember, the IRS looks at the postmark for snail-mailed returns, so even if they do not receive your documents by the end of business April 18, but you mailed them out and they were received by the post office, your returns are not late.

If you need more personalized assistance now or throughout the year, look to your personal financial advisors or other trusted resources to help make sure your financial portrait is in ideal condition. Don’t wait any longer. Take control over your finances today.