IRS Extends Additional Tax Deadlines

After several states declared a tax filing extension, the IRS announced other tax deadline extension to be pushed to the same May 17, 2021 date.

According to the IRS, the following areas with the original 4/15 deadline have been affected:

  • Contributions to IRAs and Health Savings Accounts (HSAs)
  • 2017 Unclaimed Refunds
  • Foreign Trusts and Estates
  • 2021 Annual Filing Season Program Application

There is no extension for estimated tax payments. April 15, 2021 is still the deadline to make first quarter estimated tax payments.

IRS

IRA & HSA
Individuals have until May 17, 2021 to make any 2020 contributions to the following accounts:

  • Individual retirement arrangements
  • Health Savings Accounts
  • Archer medical savings accounts
  • Coverdell education savings accounts

The deadline for reporting and paying the 10 percent additional tax on amounts in gross income from 2020 IRA distributions or workplace retirement plans is also May 17, 2021. Form 5498 series returns related to these accounts has been extended to June 30, 2021.

2017 Unclaimed Refunds
Legally, there is a three-year window to claim a refund, which has the deadline of April 15. Due to the other deadline extensions, the three-year mark deadline has been extended to May 17, 2021 to claim a refund from the tax year of 2017. This deadline applies to those filing for refund to have their property address and mailed tax return postmarked by 5/17/21.

Foreign Trusts & Estates
Those who file Form 1040-NR for foreign trusts and estates and federal income tax filing or payment obligations have until May 17, 2021.

No extension for tax payments
Regarding the IRS quote above, April 15, 2021 is still the deadline to make first quarter estimated tax payments. Income that may require these estimated tax payments include the following:

  • Self-employment
  • Interest
  • Dividends
  • Alimony
  • Rentals

For questions pertaining to your tax filing and preparation, contact your CTBK service provider. As always, you can contact the main office directly to be guided to a professional who can help you.

716-630-2400 | info@ctbk.com

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