Background: On March 17, 2021, the IRS extended, from April 15, 2021, to May 17, 2021, the federal income tax filing and payment deadline for individuals for the 2020 tax year. Based on this extension, the IRS has now extended to May 17, 2021 deadlines for the following:
IRAs and Roth IRAs: Making contributions to IRAs and Roth IRAs, the time for reporting, and paying the 10% additional tax on 2020 distributions from IRAs or workplace-based retirement plans. Note though, that the deadline for filing Form 5498 (IRA Contribution Information) - series returns related to these accounts is extended to June 30, 2021.
Health and Education Accounts: Making contributions to health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts.
2017 Refunds: Making refund claims for the 2017 tax year, which are normally due April 15. Taxpayers must properly address, mail, and ensure the refund claim (e.g., return) is postmarked on or before May 17, 2021.
Form 1040-NR: Returns of foreign trusts and estates with federal income tax filing or payment obligations that file Form 1040-NR.
Deadlines NOT extended: The IRS has not extended April 15, 2021, estimated tax payment due date. These payments are still due on April 15.
This month we are holding a free Tax Webinar on the American Rescue Plan - a $1.9 trillion stimulus project signed by President Biden, which gives taxpayers a new tax exemption of up to $10,200 in unemployment benefits. Taxpayers can also claim any missing stimulus payments from last year while filing their returns…. Register Here
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