Can I Still File 2020 Taxes? What You Should Know

It is possible to file a 2020 tax return long after the original deadline has passed. Individuals may file to claim a refund or to meet their legal tax obligations. The process involves understanding specific deadlines and potential consequences, gathering the correct historical documents, and following the required submission procedure.

Filing Deadlines and Consequences

The ability to claim a refund for the 2020 tax year is time-limited. The IRS provides a three-year window from the original tax deadline to claim overpaid taxes. Due to pandemic-related extensions, the original filing deadline for 2020 tax returns was moved to May 17, 2021. Consequently, the final day to submit a 2020 return to claim a refund was May 17, 2024. If a return is filed after this date, any potential refund is permanently forfeited.

For individuals who owe taxes for the 2020 tax year, there is no deadline to file and pay the amount due. However, penalties and interest began to accumulate after the May 17, 2021, deadline. The IRS imposes two primary penalties. The Failure to File penalty is calculated at 5% of the unpaid tax for each month a return is late, up to a maximum of 25%.

A separate Failure to Pay penalty accrues at 0.5% of the unpaid taxes for each month the tax remains unpaid, also capped at 25%. Interest can be charged on the underpayment and on the penalties, compounding daily. Filing as soon as possible, even if you cannot pay the full amount, is advantageous because it stops the Failure to File penalty from growing.

Gathering Your 2020 Tax Information and Forms

To prepare a 2020 tax return, you must collect all necessary income documentation for that year. This includes forms such as W-2s from employers and various 1099 forms for other income. If you no longer have these documents, you should first attempt to contact the original issuer, such as a former employer or financial institution, to request a copy.

If you cannot obtain your documents from the original payers, the IRS offers a helpful tool. You can use the “Get Transcript” tool on the IRS website to access a free summary of your tax information, known as a Wage and Income Transcript. This transcript will show the data from information returns the IRS has received, such as W-2s and 1099s.

You must use the tax forms specific to the 2020 tax year, as you cannot use current-year forms for a prior-year return. Modern tax software may not support filing for a year as far back as 2020. You must download the 2020 Form 1040 and its instructions directly from the IRS website. These can be found in the “Prior Year Forms & Instructions” section.

Submitting Your Completed 2020 Tax Return

Electronic filing, or e-filing, is not an option for tax returns from 2020. All past-due returns from that year must be printed and physically mailed to the IRS. It is important to ensure you have signed and dated the return before mailing.

The IRS provides a dedicated page on its website that lists the appropriate submission addresses. These addresses vary depending on the state you reside in and whether your return includes a payment. You must check this resource to select the correct address for your circumstances to avoid processing delays.

You should anticipate a longer processing time for a mailed return, as paper-filed returns can take six weeks or more for the IRS to process. If you are due a refund and filed before the May 17, 2024, deadline, you will receive it as a paper check. If you owe taxes, the IRS will process your return and send a notice detailing your total balance, including any accrued penalties and interest.