Less than two weeks after announcing an extension of the federal income tax filing deadline from April 15 to May 17, the IRS announced further extensions of other tax deadlines, including some that could affect your retirement account.
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The full list of changes is available at this IRS link, but here are some updated deadlines that may apply to your financial plans.
Plan contributions. Individuals have until May 17 to make 2020 contributions to Individual Retirement Accounts (traditional and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Coverdell education savings accounts. Learn more about the health and medical accounts in IRS Publication 969 (PDF); learn more about the Coverdell account at this link.
Plan payments. In addition to the extra contribution time, individuals will have until May 17 to report and pay the 10% additional tax on amounts included in gross income from 2020 IRA or other retirement plan distributions. This applies only to income derived from certain types of early distributions; learn more details at this IRS link.
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2017 refund claims. Taxpayers have three years to claim a refund, meaning those with claims for the 2017 tax year initially had until April 15 of this year to file their return. The extension gives these individuals until May 17 to do so – after that, any unclaimed money stays with the Treasury Department.
Reminder on estimated payments. The March 29 IRS extensions did not offer extra time to individuals with estimated tax payments due. These quarterly payments still must be made by April 15.
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