I plan to file my US 2020 Income tax return in the next few days. However, I am not planning on paying the amount due to around May 15. I plan to do the same for the state of NJ. Is there any issue with filing now and paying later. I would think not.
I live in the United States. I live in NJ.
This is absolutely fine for both federal and state, I have done it many times. Of course if you have underpaid throughout the year and owe interest, it will continue to accrue until you pay in full.
The deadline to file and pay 2020 income taxes, both federal and New Jersey, is May 17, 2021. Since it sounds as if you plan to pay by then, you will be on time.
Some (all?) of the tax software allows you to specify the date you want the tax payment to be withdrawn from your bank account by the tax authority. I have used this feature in the past to file early, but wait until the day before tax due date to pay the money I owe.
This essentially removes the obligation to remember to do the 2nd part in May. The risk you take by using this method is that if the government decides to adjust the due date again, and they do so after you have set the date the money is to be withdrawn, then you might not be able to adjust the payment date to take advantage of the slip.
Please check with your state regarding the May 17th date. Last year some states moved the paperwork due date, but not the payment due date. I think they did a better job this year but you should check.
