Navigating tax obligations while facing unforeseen challenges posed by a natural disaster can make for especially difficult times. If you were a victim of a natural disaster in an area designated as a federal disaster by the Federal Emergency Management Agency (FEMA) the IRS has likely extended various federal tax deadlines and other relief to you.
If these storms impacted you, we want you to know TurboTax is here for you, and we want to keep you up to date with important tax relief information that may help you in this time of need. Note: extension dates and federal and state requirements are dependent on the state and county where you reside or have a business.
Tennessee
Key Takeaways:
- Federal tax and payments deadlines are extended to June 17, 2024.
- To qualify, you must have an address of record located in the disaster area.
Federal Tax Relief
The IRS has provided tax relief for individuals and businesses in Davidson, Dickson, Montgomery, and Sumner counties of Tennessee affected by severe storms and tornadoes that began on December 9, 2023. These taxpayers now have until June 17, 2024 to file various federal individual and business tax returns and make tax payments. This applies to individual income tax returns and payments due on April 15, 2024. If you need an extension beyond June 17, for your 2023 federal income tax return you should request it electronically by April 15 to have until October 15, 2024, to file, though payments are still due on June 17, 2024.
The June 17, 2024 deadline also applies to:
- 2023 contributions to IRAs and health savings accounts for eligible taxpayers.
- Quarterly estimated income tax payments normally due on Jan. 16 and April 15, 2024.
- Quarterly payroll and excise tax returns normally due on Jan. 31 and April 30, 2024.
- Calendar-year partnership and S corporation returns normally due on March 15, 2024.
- Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2024.
- Calendar-year tax-exempt organization returns normally due on May 15, 2024.
State Tax Relief
While the state of Tennessee does not have an individual income tax the Tennessee Department of Revenue has not announced any additional relief efforts at this time.
What do I need to do to claim the federal tax extension?
The IRS automatically provides filing and penalty relief for Federal tax returns to any taxpayer with an IRS address of record located in the disaster area. Taxpayers do not need to contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.
If you are not a victim, but you are looking to help those in need, this is a great opportunity to donate or volunteer your time to legitimate 501(c)(3) not-for-profit charities who are providing relief efforts for storm victims.
Check back with the TurboTax blog for more updates on disaster relief.
The tax relief is part of a coordinated federal response to the damage caused by the harsh storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.
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