Tax Deadline 2020-2021 Extension & IRA Contributions - May 17, 2020
IRS Extends Tax Filing Deadline to May 17, 2021 for Federal Taxes.
It's that time of the year again— Tax Season. It's a particularly difficult one this year because of the unfortunate events brought on by the COVID-19 pandemic. Nonetheless, everyone is wondering what's the tax filing deadline for 2020 and will it impact the IRA contribution deadline. We got you covered!
Here's the good news: The IRS announced (see IRS press release below) that the federal due date to file your 2020 tax return has been extended to May 17, 2021 and you do not need to file any special form to take advantage of the extension.
This extension applies to individual taxpayers and those who pay self-employment tax. The extension is penalty and interest-free, regardless of what you owe! If you need additional time beyond the May 17 deadline to file your taxes, you can request an extension until Oct. 15 by filing Form 4868. Consult with your tax professional or tax preparers if you need the additional extension.
The IRA contribution deadline was also be extended to May 17th. This applies for individuals making 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs).
If you are expecting a 2020 income tax refund, the IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds associated with e-filed returns are issued within 21 days.
Here's the bad news: If you are making estimated tax payments, you still need to do it quickly. The April 15th filing and payment deadlines still apply.
State Income Taxes Due Date
Although the IRS extended the federal tax deadline, this does not mean that your state taxes have been extended. Check with your state tax agencies to verify when these are due. Links below.
In a Nutshell
Due to the COVID-19 pandemic, this is a tough time for everyone. The stimulus checks provided some relief, but a filing extension comes in handy too. The federal tax and IRA contribution due date was extended to May 17th. Check with your state tax agencies to make sure you know when to file your state tax return. See the press release below.
At IRAR we are always ready to help, please pick up the phone and see for yourself. You can reach us at 888-322-6534, weekdays between 8:30 am and 4:00 pm (pacific).
IRS Press Release on Tax Deadline
IRS Press Release on IRA Contribution Deadline
State Tax Agencies
Tax Filing Deadline FAQs
When is the tax deadline?
The tax deadline for 2020 federal taxes is May 17, 2021. However, this deadline may not apply to your state taxes. Verify with your state to see when state taxes are due. Find your state here: State Tax Agencies
When are my state taxes due?
Check with your state in link below to confirm your tax deadline. The IRS did announce that the federal tax deadline has been extended to May 17th.
The 2020 IRA contribution deadline has been extended to May 17, 2021. This extension applies to IRAs, Health Savings Accounts (HSA) and Education Savings Accounts (ESA, Coverdell), and . Here's how much you can contribute for 2020.
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