You now have an extra month to file and pay your federal income taxes, without penalties or interest, and make 2020 IRA contributions.
The Treasury Department and Internal Revenue Service (IRS) recently postponed Tax Day from April 15, 2021, to May 17, 2021, to offer taxpayers relief due to the unusual circumstances related to the pandemic.
Taxpayers in Texas, Louisiana and Oklahoma were already granted a special tax extension following recent severe storms that swept through the states. Their federal returns and IRA contributions are not due until June 15. See related disaster-relief announcement.
Refer to our IRA contribution resources for an overview of guidelines and tax considerations. Please indicate if the contribution should apply to the 2020 or the 2021 tax year.
Form 5498 will be sent by the end of May to investors who made 2020 IRA contributions. As a reminder, Form 5498 is not required to be attached to income tax returns.
More information about federal tax deadlines is available on the IRS website. Even with the extension, the IRS urges taxpayers who are due a refund to file as soon as possible.
The state tax filing and payment deadlines vary and are not always the same as the federal deadlines. Check with state tax agencies for details.