The IRS has extended the 2020 federal income tax filing deadline from April 15 to May 17, 2021, for individual taxpayers, including those who pay self-employment tax. Taxpayers do not need to file any forms or call the IRS to qualify. Due to the winter storms in Texas, Oklahoma, and Louisiana, residents of those states have until June 15, 2021, to file federal income tax returns and make payments.
It is unknown at this point whether the extension of the federal income tax filing deadline will extend the deadline for making 2020 IRA contributions. The IRS did not address the 2020 IRA contribution deadline in its news release. However, the IRS will be publishing additional guidance related to this relief. We will provide an update when the IRS releases new guidance.
Due to the winter storms in Texas, Oklahoma, and Louisiana, residents of those states have until June 15 to make 2020 IRA contributions.
The Internal Revenue Service (IRS) has announced that the federal income tax filing deadline for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. This extension also applies to 2020 IRA contributions. This notice provides operational guidelines for processing 2020 IRA contributions received after April 15, 2021 through May 17, 2021.
Note: This extension does not impact the disaster area tax relief extensions announced by the IRS for residents of Louisiana, Oklahoma and Texas. The tax filing deadline for these states has been extended to June 15, 2021.
Looking for a couple of tax guides to help you and your clients? Transamerica delivered!
The Tax Review Guide is designed to help you look for opportunities within the IRS 1040 form.
Navigating the Federal Tax Landscape offers a summary of important numbers for 2021.
TC120287(0321)1