Financial Planning

The IRS Extends Additional Tax Deadlines

What to know about your IRA, HSA, and more. 

Previously, the Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year had been automatically extended from April 15, 2021, to May 17, 2021.1

More time for all. However, the IRS has also settled on May 17, 2021 as the deadline for contributions to individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), and Coverdell education savings accounts (Coverdell ESAs).2

No additional tax until May 17, 2021. This also automatically postpones to May 17, 2021, the deadline 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.3

What about estimated tax payments? Keep in mind that this does not alter the April 15, 2021, deadline for estimated tax payments; these payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments.4

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Investment advisory services are offered through BCJ Capital Management, LLC., an SEC Registered Investment Adviser.  Information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.

Source

  1. IRS.gov, March 17, 2021
  2. IRS.gov, March 29, 2021
  3. IRS.gov, March 29, 2021
  4. IRS.gov, March 29, 2021

DISCLOSURES

BCJ FG 21-40

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