DENVER (KDVR) — The Colorado Department of Revenue announced Thursday that it will extend the individual income tax payment and filing deadline. The new deadline will now be May 17, 2021, giving individuals an additional 32 days to file.
This extension is similar to that of the IRS.
Individuals now have the option to postpone any 2020 income tax payments due on April 15, 2021 to May 17, 2021 without penalties and interest, regardless of the amount owed. The extension has a few exceptions and only applies to money owed by individual taxpayers for the 2020 income tax year and not to estimated payments for the 2021 tax year.
“This extension will help provide much needed relief for every Coloradan who has felt the significant financial impacts of this global pandemic,” said Gov. Jared Polis. “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.”
The state tax payment relief is automatic and does not require any action on the part of individual taxpayers. The Colorado Department of Revenue wants to remind taxpayers that anyone who needs additional time to file is automatically granted a filing extension until Oct. 15, however, taxpayers are still expected to pay state income tax due by May 17, 2021 to avoid interest and penalties.
According to The Colorado Department of Revenue, with the recent passage of the American Rescue Plan, any individual who received unemployment benefits in 2020 and has already filed their federal return, should continue to monitor guidance from the IRS.
For more information, visit TAX.colorado.gov.