Transcript for Last-minute tips as 2020 tax returns are due
Now to last-minute tips for tax day. The deadline is here, and so is Rebecca Jarvis on what to do if you haven't filed and when to expect a refund. Welcome back. Let's talk about first what people can do right now on this deadline day. Reporter: George, the biggest thing is to get it done if you can. There are can file for free electronically if you make less than $72,000 a year at irs.gov, or if you don't have all your ducks in a row, you want to file an extension today. That is the form 4868, and the important thing to know about an extension, George, is that while you're filing for an extension to file, you still have to pay your tax liability. You want to estimate that liability and pay it now. Otherwise you will face penalties, and other issues going forward. So file the extension, and pay the taxes today if you can. The treasury just released a statement about this child tax credit, and that makes filing today a good idea for parents. Reporter: So it's important for people to know that under the expanded child tax credit which was passed in the most recent round of stimulus, people who are eligible will start receiving those credits as early as July. July 15th of this year, and they will be basing the payments on your 2020 or your 2019 taxes. This is for families that will get up to $3,000 for kids between 6 and 17 years old, and up to $3,600 for kids up to 6, and that's why it's important to get your taxes now so you can get that check beginning July 15th, George. What should people do if they don't have the money to pay their taxes right now? Reporter: Contact the irs, D work out an installment plan. Go to irs.gov, George. Thank you very much. We'll be right back.
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