IRS Extends Several Additional Filing Deadlines to May 17

March 31, 2021 | Article

By Jay Heflin

The IRS announced an extension of several tax deadlines. Individuals now have until May 17, 2021, to meet certain additional deadlines that normally fall on April 15.

However, the notice does not extend the April 15, 2021, deadline for estimated tax payments. Those payments are still due on April 15.

Additional Delays for Individual Taxpayers
Individual taxpayers now have until May 17, 2021, to make 2020 contributions regarding:

  • Individual Retirement Accounts (IRAs and Roth IRAs)
  • Health Savings Accounts
  • Archer Medical Savings Accounts (Archer MSAs)
  • Coverdell Education Savings Accounts (Coverdell ESAs)

The due date for Form 5498 series returns reporting those contributions is extended to June 30, 2021.

Individual taxpayers also have until May 17, 2021, for reporting and payment of the 10% additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans.

Unclaimed Refunds Deadline
Unclaimed refunds for the 2017 Federal income tax returns has been extended to May 17, 2021. Also, foreign trusts and estates with federal income tax filing or payment obligations, who file Form 1040-NR, now have until May 17, 2021.

Who the IRS Filing Deadline Does Not Apply To
The IRS Notice does not apply to taxpayers in Texas, Oklahoma and Louisiana who were hit by winter storms in February and have already received tax filing and payment relief. These taxpayers have until June 15, 2021, to file various individual and business tax returns and make tax payments.

What Action Do I Need to Take?
The IRS had already extended the federal income filing tax deadline for individuals from April 15, 2021, to May 17, 2021. This notice provides additional clarification on other deadlines that will now be extended.

Nothing needs to be done to take part in the deadline extensions as long as your returns and refunds falls within the qualifying extensions.

As a reminder, however, these extensions are only applicable to federal withholdings. Each state will need to separately address its own tax filing and payment requirements.

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