Oct. 16 is deadline for extension on 2022 tax returns

FILE – A portion of the 1040 U.S. Individual Income Tax Return form is shown July 24, 2018, in New York. Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation because of persistently high inflation. For couples who file jointly for tax year 2023, the standard deduction increases to $27,700 up $1,800 from tax year 2022, the IRS announced. (AP Photo/Mark Lennihan, File)

by: Brian Reese

Posted: Oct 16, 2023 / 11:16 AM EDT

Updated: Oct 16, 2023 / 11:16 AM EDT

PORTSMOUTH, Va. (WAVY) — Monday is deadline day for those who requested an extension on their 2022 tax returns.

It’s the last chance to avoid a late filing penalty, according to the IRS, though if you’re in an area that’s experienced a recent natural disaster such as California, Alabama and Georgia, you might be eligible for more time.

Roughly 70% of taxpayers can use IRS Free File. You can also pay online, over the phone, or use the IRS2GO app.

The failure-to-file penalty is 5% of unpaid taxes for each month or part of month until filing, capped at 25%.

For more information, visit the IRS website.