IRS Extends 2020 IRA and HSA Contributions to May 17

The IRS announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, 2021. This follows a previous announcement from the IRS on March 17,  2021 that the federal income tax filing due date for individuals for the 2020 tax year was extended from April 15, 2021 to May 17, 2021.Internal Revenue Service
Contributions to IRAs and HSAs extended to May 17
In extending the deadline to file Form 1040 to May 17, the IRS automatically postponed the same date for individuals to make 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). The May 17, 2021 deadline automatically postpones the time for reporting and payment of the 10% additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans. IRS Notice 2021-21 also postpones the due date for Form 5498 returns related to these accounts to June 30, 2021.
2017 Unclaimed Refunds Extended to May 17
For tax year 2017 Federal income tax returns, the normal April 15 deadline to claim a refund has also been extended to May 17, 2021. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail, and ensure the tax return is postmarked by the May 17, 2021 date.
Additionally, foreign trusts and estates with federal income tax filing or payment obligations, who file Form 1040-NR, now have until May 17, 2021.
Estimated Tax Payments Still Due April 15
The IRS reiterates that the April 15, 2021 deadline for estimated tax payments has not changed; these payments are still due on April 15. In general, notes the IRS, estimated tax payments are made quarterly to the IRS by people whose income is not subject to income tax withholding, including self-employment income, interest, dividends, alimony, or rental income.
Notice 2021-21 provides details on additional tax deadlines which have been postponed until May 17, 2021.

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