What does the term "date of the return" mean?

The term "date of the return" refers to the date a taxpayer's return is postmarked or electronically filed with the IRS. This date is significant because it is used to determine several important factors regarding tax returns, such as the application of penalties, interest, and eligibility for certain tax benefits. When filing a return, whether through the mail or electronically, this date is recorded and establishes the official submission date of the tax return.

For taxpayers who mail their returns, the postmark date is crucial as it can affect whether they meet the filing deadline for that tax year. For electronic filers, the submission timestamp is essential since it confirms that their return was filed on time. This distinction can have several implications for tax liability, such as the start date for any applicable interest or penalties on taxes owed. Understanding this concept is critical for taxpayers to ensure compliance with tax laws and to protect themselves from potential issues related to late filing.