Filing 2020 Taxes in 2023: Guidelines and Tips

Many individuals have questions about when they can file their 2020 tax returns. Here, we'll answer that question specifically and offer detailed guidance on the process.

Can I Still File 2020 Taxes on December 30, 2023?

Yes, you can file returns for prior years whenever you choose to do so. While the IRS has certain regulations in place, there is no specific cutoff date that prevents you from filing your 2020 tax returns this late. The key factors to consider are the deadline for refunds and the process you need to follow.

Refund Deadlines and Filing Date

The deadline for claiming any refund is three years from the original due date of the return. For tax year 2020, which was due on April 15, 2021, the refund deadline would be April 15, 2024. This means that as of December 30, 2023, you would still be within the three-year window to file and potentially claim any refund you might be owed.

How to File Your 2020 Taxes

To file your 2020 taxes, you should navigate to your preferred tax software provider and search for software that deals with prior years or tax year 2020. Upon completion of your return, rather than submitting via IRS e-file, you will be instructed to download your return, print it, and sign it. Afterward, you should mail it to a specific IRS center based on your location.

What to Expect After Filing

After you file your tax return, you should expect to receive either a refund or a letter within approximately six weeks. Please note that the actual processing time can vary widely depending on seasonal factors and other current events. If your refund is approved, it will likely be slightly larger than usual due to the IRS paying a small amount of interest on the borrowed money for an extra year or three.

Amended Returns for 2020

If you need to correct a previously filed return for tax year 2020, you may still use tax software to file an amended return electronically. This process is available even if you are filing late, provided you are within the three-year window for refunds.

Consequences of Filing Late

When electronic filing is not an option, there can be some consequences to filing your 2020 taxes late. Electronic filing, which was available until the end of the tax year, is now closed. When the IRS reopens in January, it will only be accepting returns for the 2021, 2022, and 2023 tax years. Filing on paper takes significantly longer to process, sometimes up to six months, which means you may have missed any possible refund during this time. Additionally, if you owe money, you will owe both late filing and late payment penalties, plus interest on the overdue amount.

Conclusion

In summary, you can file your 2020 taxes on December 30, 2023, but it's important to follow the correct process to ensure you receive any refund you may be entitled to. While no penalties apply for filing late, the process can be lengthy, and it's worth considering the benefits of filing earlier.