By Brian Ellenbecker CFP®, EA®, CPWA®, CIMA®, CLTC®
On Monday, March 29, the IRS issued additional guidance and details on its announcement to postpone the April 15 tax filing deadline for 2020 individual tax returns.
Below are the highlights from this announcement:
- The tax filing deadline for 2020 individual income tax returns was extended to May 17, 2021.
- The deadline for making tax payments due with that return are also extended to May 17.
- Deadlines for making certain contributions are also automatically extended to May 17:
- IRAs (Traditional and Roth)
- Health Savings Accounts (HSAs)
- Archer Medical Savings Accounts (MSAs)
- Coverdell Education Savings Accounts (ESAs)
- Employer contributions to employer plans (401(k), SEP, SIMPLE, etc.) – these deadlines already included extensions. In other words, if you extend your return, the deadline can be stretched to October 15 regardless of this deadline relief.
- The deadline for institutions required to file 5498s is pushed from June 1 to June 30.
- The due date for Q1 estimated income tax payments is NOT extended beyond April 15.
The American Institute of Certified Public Accountants (AICPA) is petitioning for an extension into June and/or to extend the Q1 estimated payment deadline. Oftentimes, their requests are honored, so it’s possible the deadline gets extended even further.
Most states, including Wisconsin, have extended to May 17 or later. If you’re looking for information on a particular state, the AICPA is keeping track of the deadlines for each state at this link: https://future.aicpa.org/resources/download/state-tax-due-dates-updated-for-covid-19-relief