An individual taxpayer uses a fiscal year March 1-February 28.The due date of this taxpayer's Federal income tax return is May 15 of each tax year.

Question

Quizplus · Accepted Answer

The due date for individual taxpayers using a fiscal year is the 15th day of the fourth month following the close of the fiscal year, which would be June 15 in this case. However, if the taxpayer is overseas on the due date, they are granted an automatic two-month extension to file, making the due date August 15.

An Individual Taxpayer Uses a Fiscal Year March 1-February 28