The Internal Revenue Service announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15. This follows the March 17 announcement extending the federal income tax filing due date for individuals for the 2020 tax year from April 15, 2021 to May 17, 2021. Notice 2021-21 provides details on the additional tax deadlines that were postponed.
Time to Make Contributions to IRAs and HSAs - Deadline Extended to May 17
In extending the deadline to file Form 1040 series returns to May 17, the IRS is automatically postponing to the same date the time for individuals to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). This postponement also automatically postpones to May 17, 2021, the time 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. Notice 2021-21 also postpones the due date for Form 5498 series returns related to these accounts to June 30, 2021.
2017 Unclaimed Refunds Deadline Extended to May 17
The usual April 15 deadline to claim a refund has also been extended to May 17, 2021 for tax year 2017 Federal income tax returns. The law gives a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. People are required to use the correct address and make the tax return is postmarked by May 17, 2021.
Foreign Trusts and Estates Filing Form1040-NR Now Have Until May 17.
2021 Annual Filing Season Program (AFSP) Deadline Postponed Until May 17
Tax preparers participating in the Annual Filing Season Program (AFSP) for calendar-year 2021 now have until May 17, 2021 to file their application with the IRS. The normal due date is April 15. Details are in Notice 2021-21. For more information about the Annual Filing Season Program, visit the IRS Tax Pros page.
Estimated Tax Payments Are Still Due April 15
Notice 2021-21 does not extend the April 15, 2021 deadline for estimated tax payments; these payments are still due on April 15. Estimated tax payments are typically made quarterly to the IRS.