When is my Tax Return Due and Where is My Refund?

Of course Iowa is a largely agricultural state.  Taxpayers with income from farming have until March 2, 2020, to file their Form 1040 and pay the tax due to avoid making estimated tax payments.  This rule generally applies if farming income was at least two-thirds of the total gross income in either the current or preceding tax year. 

The next returns due for this tax season are Partnerships (Form 1065) and S Corporations (Form 1120-S).  Those returns are due March 16, 2020.  Extensions for the returns are for six months and thus are due September 15, 2020.

Returns that are due April 15, 2020, include Individuals (Form 1040), C Corporations (Form 1120) and Trusts and Estates (Form 1041).  Extensions for the 1040 and 1120 are also due in six months, on October 15, 2020.  Form 1041 extensions are due September 30, 2020.

Finally, Tax Exempt Organizations have until May 15, 2020, to file their Form 990 series tax returns.  Extensions for these returns are due November 16, 2020. 

OK so once you get your returns filed – when can you expect your refunds?  Depending on how you file your tax return and how you choose to receive your refund, you can expect to wait anywhere from ten days to several months.  For federal refunds, these are the approximate wait times:  if you e-file and elect direct deposit – about 10 business days; if you e-file and request a paper check – around four weeks; and if you file by paper and request a paper check – around six weeks or more.  The IRS says that 90% of refunds are processed within 21 days.  However, for taxpayers that claimed the Earned Income Tax Credit or the Additional Child Tax Credit, refunds will start getting processed the week of February 17.  That’s because the government is legally required to wait until mid-February to process those refunds as part of an effort to crack down on tax fraud.

For Iowa refunds, the Iowa Department of Revenue anticipates refund processing to take 30-45 days. 

You can check the status of your refunds online at IRS.gov (Get Your Refund Status link) and at tax.iowa.gov (Where’s My Refund link).

Remember, the information in this material is not intended as tax or legal advice.  It may not be used for the purpose of avoiding any federal tax penalties.  Please consult your legal or tax professionals for specific information regarding your individual situation.