You now have until July 15, 2020, to file and pay your federal income taxes and make 2019 IRA contributions. Similarly, some states are changing the deadline to submit state tax returns. We encourage you to check with state tax agencies for details.
The Treasury Department and Internal Revenue Service (IRS) recently postponed the deadline for federal income tax filings and payments from April 15, 2020, to July 15, 2020. The extension offers taxpayers special tax relief because of the coronavirus (COVID-19) outbreak. During the extra 90 days, tax payments may be deferred without penalties and interest. You do not need to apply for the automatic federal tax extension, but the IRS urges taxpayers who are due a refund to file as soon as possible.
The new Tax Day also pushes the deadline for IRA contributions to July 15. Refer to our IRA contribution resources for an overview of guidelines and tax considerations. Please be sure to indicate if a contribution should be applied to the 2019 or the 2020 tax year.
More information about the deferred Tax Day is available at irs.gov.
Form 5498 will be sent by the end of May to investors who made 2019 IRA contributions. If the investors also make 2019 IRA contributions between mid-May and the July 15, 2020, deadline, they will receive a corrected Form 5498.
As a reminder, Form 5498 is not required to be attached to income tax returns.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
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