In a recent announcement, the California Franchise Tax Board (FTB) has provided welcome relief for taxpayers in the Golden State. The FTB has confirmed that most Californians now have an extended deadline of November 16, 2023, to file and pay their taxes for the 2022 tax year, helping them avoid penalties.
This extension was prompted by the Internal Revenue Service (IRS), which declared that taxpayers in 55 California counties affected by winter natural disasters are eligible for an extension to file and pay their federal income taxes for the 2022 tax year until the same November 16, 2023, deadline.
Tax Return and Payments Due Date Moved to November 16th
The significance of this extension lies in the fact that individuals who would have originally faced an October 16, 2023, tax filing deadline now have an additional month to complete their filings and payments. The FTB typically follows the postponement periods declared by the IRS for federally recognized disaster situations. For those taxpayers directly impacted by a presidentially declared disaster, there is the opportunity to claim a deduction for a disaster loss. Detailed information and instructions on this can be found in FTB Publication 1034, titled “2022 Disaster Loss: How to Claim a State Tax Deduction.”
Taxpayers have two options for claiming a disaster loss. They can either include the disaster loss in their 2023 tax return when filing next spring, or they may opt to deduct the loss from their 2022 income in this year’s return. Taxpayers who have already filed their 2022 returns may file an amended return accordingly. The benefit of claiming the disaster loss on the 2022 return is that it enables the FTB to expedite the refund process.
Retrieving Your Tax Rebate Money the Easiest Way
To ensure smooth processing, taxpayers are advised to clearly write the name of the disaster, such as “California winter storms,” in blue or black ink at the top of their tax return. If filing electronically, they should follow the software’s instructions for entering disaster-related information. In the event that an affected taxpayer receives a late filing or late payment penalty notice related to the postponement period, they are encouraged to contact the number provided on the notice to request penalty abatement.
Additionally, individuals who have been victims of these disasters may request free copies of their state tax returns to replace any documents lost or damaged during the events. To do so, taxpayers should complete form FTB 3516 and indicate the name of the disaster in blue or black ink at the top of the request form. If you have any further doubts or questions, go directly to their official website.